That leaves "spare capacity very low, much lower than the 1.5 to 2 million barrels a day which they used to aim for", said Spencer Welch, oil markets executive director at IHS Markit.More news: Unai Emery says Arsenal can't make permanent signings this month
Entering the debt market is a move aimed at helping the company to finance its planned acquisition of a 70% stake in petrochemical firm SABIC from the kingdom's Public Investment Fund (PIF).
"This certification underscores why. we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Al Falih said in a statement, which made no mention of the IPO. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".
The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of previous year, up from the figure of 261 billion barrels that has been used for nearly three decades.
The kingdom also announced on Wednesday that its huge oil reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.More news: Gwyneth Paltrow Reveals Ex Chris Martin Joined Her Honeymoon With Brad Falchuk
With the calculation of the share of the joint field with Kuwait, the oil reserve makes up 266 billion barrels.
That debt sale would force the world's largest oil producer to disclose its accounts to investors for the first time since its nationalization roughly four decades ago.
"We are pursuing a total shift in paradigm in the gas station perception among the public, from what people think of gas stations now as a divergence from a main route to get convenience service to a destination of services on major highways, to work, or simply on the way back home", Al-Gahtani said. "But the trade negotiations between the US and China still add some uncertainty to global financial and oil markets, possibly leading to corrections in prices in the shorter term". Meanwhile, promises of patience in raising interest rates from Fed Chairman Jerome Powell soothed anxiety about growth in the US, the biggest oil consumer.More news: Ashley Judd's sexual harassment claim against Harvey Weinstein dismissed