"This certification underscores why every barrel we produce is the most profitable in the world, and why we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said.
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.
"We will work with our advisers and find the right time to go to market, and part of that would be a prospectus that would have appropriate financial statements and disclosures", al-Falih said.
The Saudi Arabia-based oil and gas giants, Saudi Aramco, is planning to delve into the debt market during the second quarter in order to fund the purchase of petrochemical company, Sabic, in what is set to be its first ever global bond, according to Bloomberg.
As for the Saudi Arabia cuts, Martin Essex, analyst at Daily FX, said in a report sent to UPI that the market was optimistic that it could help reduce supply.
Brent and the world's other benchmark crude, West Texas Intermediate, both slumped late previous year to 18-month lows of US$49.93 and US$42.36 per barrel respectively.
The energy ministry said that Saudi reserves were 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas at the end of 2017, Arab News reported, citing the official Saudi Press Agency. The kingdom on Wednesday took a first step in that direction by releasing the first audit of Aramco's oil and gas reserves since 1980.
The world's largest crude oil seller exported around 7.3 mbpd of crude in December and 7.9 mbpd in November, according to the report. In DeGolyer's view, these contained 213.1 billion barrels of proved oil reserves, compared to 210.9 billion as estimated internally by Aramco.
But the kingdom has posted budget shortfalls each year since a major 2014 crash in crude prices, and has turned to borrowing as well as pursuing economic reforms. But demand was high, at US$27 billion, according to HSBC. Meanwhile, promises of patience in raising interest rates from Fed Chairman Jerome Powell soothed anxiety about growth in the USA, the biggest oil consumer.