Dallas-based consultants DeGolyer and MacNaughton carried out the audit of the Kingdom's oil reserves.
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 worldwide listings by 2021.
Saudi Aramco-whose initial public offering (IPO) touted for 2018 is now all but scrapped-plans to buy 70 percent in Sabic currently in the hands of the Public Investment Fund (PIF) of Saudi Arabia in a deal expected to be worth US$70 billion.
Saudi Arabian Energy Minister Khalid Al-Falih revealed the plan on Wednesday in Riyadh, adding the company wanted flexibility in funding the Sabic deal, which could cost about $70 billion.
Reports of how Aramco plans to finance the acquisition of the majority stake in Sabic started to circulate in October past year, with some reports saying that Aramco may borrow US$50 billion from global banks to finance that deal.
"Amid easing trade tension and a weaker US dollar, crude oil prices rallied after Saudi Arabia reassured the market that its production cuts would remain in place", ANZ bank said yesterday.
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"The bond issue is meant to give Aramco multiple sources of capital", he said.
"It's probably part of the necessary housekeeping prior to the expected bond sale, which will be used as part-payment for Sabic", said James Reeve, chief economist at Samba Financial Group, one of the kingdom's biggest lenders.
Saudi Arabia Minister of Energy, Industry and Mineral Resources is arriving in Pakistan tomorrow and is likely to sign a Memorandum of Understanding (MoU) for setting up an oil refinery at Gwadar. "People have been sceptical about reserves".
Crude oil prices were slightly down at the start of trading on Tuesday, despite reports that Saudi Arabia cut its crude exports to help boost prices.
"The current production still experiences natural declines".
Oil has ticked upwards again today for its eighth straight session as Opec cuts in the New Year and hopes US-China trade talks pushed prices up.