Riyadh – Mubasher: Saudi Arabia's oil reserves are more than 260 billion barrels, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on the sidelines of World Economic Forum in Switzerland.
Further investments must be injected into the oil sector to address the spiraling global oil demands, Al-Falih added, noting that the world needs about 1.5 billion barrels per day (bpd).
“The global oil market also needs further 2.5 million barrels to offset the natural depletion at fields,” Al-Falih explained.
Earlier on Thursday, the Saudi minister indicated that oil demand is expected to rise in 2018 and 2019.
