Saudi Aramco to have the right to book oil reserves, says Al-Falih

Saudi Arabian Oil Company (Saudi Aramco), the world's largest crude exporter, will be entitled to book the kingdom's oil reserves through its initial public offering (IPO) planned for next year, Saudi energy minister Khalid Al-Falih told reporters in Riyadh.

"The reserves under the ground are by constitution owned by the state but the state will give Aramco the exclusive right to monetize those reserves," Al-Falih was quoted as saying by Reuters.

Aramco's crude oil and condensate reserves reached 261.1 billion barrels, according to the company's 2015 annual report.

Aramco had asked two U.S. oil reserve auditing specialists to review its deposits. Reuters reported last week that the first independent audit of Aramco oil reserves had confirmed the company's figures.