Saudi Oil Reserves Are Even Bigger than Previously Estimated

An independent audit of Saudi Arabia’s oil reserves found that the Kingdom has more oil than previously estimated, according to reports and an official statement from the government of Saudi Arabia.

The audit, conducted by Houston-based petroleum consultants DeGolyer & MacNaughton, had concluded that Saudi Arabia’s oil reserves total 268.5 billion barrels – over 2.2 billon more than previously estimated by the Saudi government.

Although the estimate from DeGolyer & MacNaughton is only slightly higher than figures stated by the Saudi government, it helps put to bed skepticism that Saudi Arabia may have been overestimating its own reserves.

The revelation also shows national oil giant Saudi Aramco is “taking strides towards transparency” as it continues to consider a stock market debut, CNBC reports.

“This certification underscores why … we believe Saudi Aramco is the world’s most valuable company and indeed the world’s most important,” Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources, Khalid Al-Falih said in a statement.

According to a press release sent from the Saudi Embassy in Washington sent by email, Al-Falih said the audit “was a tribute to the importance the Kingdom places on integrity, the discipline and world-leading excellence of Saudi Aramco’s operations and employees.”

The third-party certification is “in line with the Kingdom’s Vision 2030, which promotes transparency, accuracy, and quality of all kinds of critical data.”