Riyadh – Mubasher: The proven oil reserves of Saudi Arabia reached 266.5 billion barrels by the end of 2016, which is equivalent to 36.6 billion tonnes of oil, according to a report released by the British BP.

The Kingdom consumed around 266.5 million tonnes of oil equivalent during 2016, compared to around 260.8 million tonnes in 2015, with a 1.9% increase.

BP stated that Saudi Arabia’s consumption of petroleum reached 167.9 million tonnes of oil equivalent, while the natural gas and coal consumption amounted to 98.4 million tonnes and 100,000 tonnes, respectively.

Oil production in the Kingdom rose 3% year-on-year to reach 12.35 million barrels per day (bpd) (585,700 tonnes) in 2016 compared to 11,990 bpd (567,800 tonnes).

The volume of the daily consumption of oil went up 1% to reach 3.91 million bpd (166.6 million tonnes) in 2016, up from 3.87 million bpd (166.6 million tonnes) in 2015.