Saudi Aramco Has 260 Billion Barrels Oil Reserves (Update1) - Bloomberg.com

Saudi Arabian Oil Co., the world’s biggest state oil company, has 260 billion barrels of oil reserves, said Mohammed Al-Qahtani, the executive director of the company’s Petroleum Engineering & Development unit.

“To ensure availability and reliability, we have invested heavily in new developments to increase oil production capacity,” Al-Qahtani said at a conference in Beijing today. “A lack of resources isn’t a constraining factor.”

Saudi Arabia is the world’s largest crude exporter, with output of 8.29 million barrels a day in May, according to data compiled by Bloomberg. The Middle Eastern kingdom had proved reserves of 264.1 billion barrels at the end of 2008, according to BP Plc’s Statistical Review of World Energy.