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Saudi Arabia to announce slight rise in oil, gas reserves after audit: source

Reuters  |  RIYADH 

(Reuters) - is expected to announce a slight rise in its crude on Wednesday after being independently audited, according to a source familiar with the matter.

Saudi Arabia's reserves of easily have long been the world's largest.

For almost 30 years - despite rising production, large swings in and improved technology - has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by

An independent of Saudi Aramco's - an essential part of the preparatory work for its planned initial public offering - found the to have higher than it previously reported, sources familiar with the matter told in April.

Saudi is due to hold a conference in on Wednesday to make the announcement at around 11.30 local time (0830 GMT).

He is also expected to provide further updates on the country's

(Reporting by Rania El Gamal, editing by Louise Heavens)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 14:13 IST