Saudi-led OPEC and Russian Federation agreed on December 7 to curb their total crude oil production by 1.2 mbpd beginning on January 1 for six months, but the plan so far has had little impact on crude prices.
The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of a year ago, up from the figure of 261 billion barrels that has been used for nearly three decades.
Falih's news conference took place hours later than initially scheduled and SPA corrected its initial announcement of the reserves figures.
So, including the D&M revision of oil reserves in the Saudi Aramco's concession area, the Kingdom's total proven oil and gas reserves as of year-end 2017 would have been about 266.1 billion barrels of oil and 324.4 trillion standard cubic feet of gas.
On Wednesday, the company released its first audit of reserves since 1980, showing why "Aramco is the world's most valuable company and indeed the world's most important", according to Al-Falih. Members of the group will cut their production by 8,00,000 barrels per day, and non-members by 4,00,000.
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.
The audit was carried out by Dallas-based consultancy DeGolyer and MacNaughton.
Aramco's acquisition of a majority stake in Sabic would be key to the oil giant's strategy to expand in the downstream segment and curb emissions, Aramco's chief executive Amin Nasser told the Financial Times in September.
Plans for the Aramco IPO were shelved previous year for the forseeable future, sources told Reuters. "This reflects the continued direction and support provided to the Saudi petroleum industry by Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense", Al-Falih said.