Saudi Aramco-whose initial public offering (IPO) touted for 2018 is now all but scrapped-plans to buy 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected to be worth US$70 billion.
Top oil exporter Saudi Arabia announced a slight rise in its crude oil reserves on Wednesday after they were independently audited, providing more detail about the size of deposits shrouded in secrecy for decades.
Falih said Saudi production had fallen to 10.2 million bpd, down from the roughly 11 million bpd it was pumping when oil producers made a decision to end a production cut deal in May.
"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said.
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"We are concerned about volatility in the oil market", he said. That figure is "more than sufficient to bring balance to the market", said Falih, adding that the production cut would trim excess supply from the market.
The country said oil reserves witnessed an increase from 2.2 billion barrels to 263.2 billion barrels while gas reserves increased from 17 trillion cubic feet to 319.5 trillion cubic feet.
The kingdom also announced Wednesday that its huge oil reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.
So, including the D&M revision of oil reserves in the Saudi Aramco's concession area, the Kingdom's total proven oil and gas reserves as of year-end 2017 would have been about 266.1 billion barrels of oil and 324.4 trillion standard cubic feet of gas.
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