Saudi Arabia makes 14 new oil and natural gas discoveries

Dubai: Saudi Arabia, the world's top oil exporter, on Wednesday unveiled 14 new oil and natural gas discoveries in the Eastern Region and the vast Empty Quarter (Rub' Al Khali), marking a significant milestone in the Kingdom’s energy exploration efforts.

Saudi oil giant Aramco said that 14 oil and natural gas fields and reservoirs have been discovered in the kingdom's Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday.

The announcement was made by Saudi Minister of Energy, Prince Abdulaziz bin Salman, during a press conference, where he emphasised the strategic importance of the discoveries in reinforcing the Kingdom’s position as a global energy powerhouse. 

The findings are expected to enhance national reserves and contribute to long-term energy security and economic development.

Three days ago,  the Kingdom slashed its prices for Asian buyers to close to their lowest level in four years, adding to speculation it is seeking to regain market share as part of OPEC+'s strategy to speed up oil output hikes.

State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed.