According to Platts Energy’s London report on August 17, Saudi Arabian National Oil Company (Saudi Aramco/Aramco) said in its annual report released on Friday that Saudi Arabia’s crude oil and crude oil last year due to the decline in crude oil production from 2016 levels last year. The condensate reserves increased slightly.
Saudi Aramco said in its annual report that Saudi Arabia’s total crude oil and condensate reserves reached 260.9 billion barrels last year, higher than the 260.8 billion barrels disclosed in the 2016 annual report.
Saudi Aramco said that the company produced an average of 10.2 million barrels of crude oil per day last year, while the daily output of crude oil in 2016 was 10.5 million barrels.
As a result, Saudi Arabia’s crude oil exports last year averaged 6.7 million barrels per day, down 1 million barrels per day from 2016.