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Saudi Arabia Sees Its Oil Reserves Lasting Another 70 Years

  • Saudi crude reserves not reviewed by independent consultants
  • Country planning to sell bonds, stake in state producer Aramco
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Saudi Aramco CEO Nassar Sees Recovery in Oil Prices

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Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 billion barrels lasting 70 more years and hasn’t sought an independent consultant to review the figures, according to a bond prospectus seen by Bloomberg News.

The nation’s wealth is based mainly on oil, with crude sales accounting for 75 percent of total export earnings, according to the prospectus. Saudi Arabia plans to sell at least $10 billion in bonds maturing in five, 10 and 30 years, and it disclosed plans to hold investor meetings in London, Los Angeles, Boston and New York starting on Wednesday.