Oil remains up after Saudi Arabia's announcement that it has more reserves than estimated

Oil remains up after Saudi Arabia's announcement that it has more reserves than estimated


Specifically, the price of a barrel of Brent, of reference for Europe, has increased by 3.05%, to 60.55 dollars per barrel. For its part, the West Texas Intermediate, a benchmark for the United States, has advanced 4.06% to 51.7 dollars per unit.

The Ministry of Energy, Industries and Mineral Resources of the Islamic country has informed, through the state news agency 'SPA', that Saudi Arabia had, by the end of 2017, total reserves equivalent to 268,500 million barrels of oil , as well as 325.1 trillion cubic feet of natural gas (9.2 trillion cubic meters).

Compared to the previous figures, this equates to an upward revision of 2,200 million barrels of crude, as well as 17,2 trillion cubic feet of natural gas (487,000 million cubic meters). The Saudi government says its numbers have been certified by oil consultant DeGolyer & MacNaughton.

"This certification shows why the barrels we produce are the most profitable in the world and why we believe that Saudi Aramco is the most valuable company on the planet," said Saudi Energy Minister Khalid Al Falih.

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