Saudi proven crude oil reserves hit 266,260 mln barrels last year

The Organization of Petroleum Exporting Countries (OPEC) last month agreed with its non-member allies to collectively increase oil output by 1 million barrels per day (bpd) as their 2016 deal to curb output nears expiry.

While a country-allocation of the revised production quotas was not provided, analysts expect that Saudi Arabia and Russia will account for the largest portion of the planned increase in output.

Saudi Arabia can potentially hike its output by 400,000 bpd this year and Russia by 300,000 bpd, Institute of International Finance said in a recent report.

Last week, King Salman told US President Donald Trump that the Kingdom maintains a spare capacity of approximately 2 million bpd, which “it will prudently use if and when necessary to ensure market balance.”

The Saudi Cabinet has also affirmed the country’s spare capacity and its willingness to step-up supply, if required.

The latest data from OPEC also revealed Saudi Arabia’s oil production capacity.

According to OPEC’s 2018 annual statistical bulletin, the Kingdom held proven crude oil reserves of 266,260 million barrels in 2017.

“Saudi Arabia possesses around 18 percent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum,” OPEC said.

In 2017, the Kingdom’s crude oil production averaged approximately 9.6 million bpd.

Here is a look at Saudi Arabia’s key statistics on oil sector, its reserves and exports:

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com