Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves after being independently audited on January 9, according to a source familiar with the matter.
Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.
For nearly 30 years – despite rising production, large swings in oil prices and improved technology – Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Saudi Energy Minister Khalid al-Falih is due to hold a news conference in Riyadh on January 9 to make the announcement at around 11.30 local time (0830 GMT).
He is also expected to provide further updates on the country’s energy strategy.