Saudi Aramco plans first global bonds in Q219

Saudi Arabia’s proven oil and gas reserves stood at around 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas as of the end of 2017. — File

Dallas-based consultants DeGolyer and MacNaughton carried out the audit of the Kingdom's oil reserves.

As for the Saudi Arabia cuts, Martin Essex, analyst at Daily FX, said in a report sent to UPI that the market was optimistic that it could help reduce supply.

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.

Al-Falih is also the current chairperson of Maaden, a Saudi Arabian mining company and former chairperson of the Saudi oil giant, Aramco.

"Saudi Energy Minister Khalid al-Falih said it will reduce its exports from eight million barrels per day to 7.2 million and that there will be a further cut of 100,000 barrels per day in February", Essex added.

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The plans for the bond, first reported by Bloomberg News past year, came as the Saudi Arabian government reactivates a plan to sell shares in the company.

The audit is expected to help pave the way for the sale of a 5 per cent stake in Aramco, the world's biggest oil producing company that is seeking local and global listings by 2021. Anheuser-Busch InBev NV took out US$46 billion in 2016 to finance the takeover of SABMiller Plc.

"The fact [that] oil prices remain so volatile makes it less appealing to put all that extra money in to increase capacity when they are not seeing consistent improvement in oil prices from efforts from recent years to stabilise the markets".

The bond, likely to be combined with bank loans, would allow state-owned Aramco to pay the kingdom's sovereign wealth fund for its 70 per cent stake in Sabic. The closest it has come to issuing debt was when it raised 11.25 billion riyals (US$3 billion) in a debut, local-currency, Islamic-bond sale. The prospectus for the 2017 offering didn't include any financial information, according to a copy of the document reviewed by Bloomberg.

"We are serious about restoring balance to the market", he told a press conference in Riyadh "We are concerned about volatility in the oil market".

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