Saudi Arabia's total proven oil and gas reserves stood at around 268.5 billion barrels of oil and 325.1 trillion standard cubic feet of gas at the end of 2017, the Saudi Energy Ministry said in statement carried by state news agency SPA on Wednesday.
Khalid al-Falih said the kingdom, the world's top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November.
Opec and its allies decided last month to cut their overall output by 1.2 million bpd from January, to boost prices hit by a supply glut and fears demand could plummet.
For nearly 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP.
Saudi Arabia's reserves of easily recoverable oil have always been the world's largest.
Saudi Arabia's reserves of easily recoverable oil have always been the world's largest but few details were public.
Saudi Arabia's first independent audit of its reserves, which was conducted by consultants DeGolyer & MacNaughton, comes at a time when the kingdom is undertaking plans to further develop its energy sector.
The kingdom lowered its production by 420,000 bpd to 10.65 million bpd in December after pumping more than 11 million bpd in November, according to a Bloomberg survey.
The Kingdom's share of the Partitioned Zone oil reserves (onshore and offshore combined) is 2.9 billion barrels and the corresponding gas reserves is 4.9 Tcf (Trillion cubic feet).
"More crucially and of near-term importance, will be how Saudi Arabia navigates its oil strategy in line with the latest round of Opec+ production cuts in 2019 against inexorable USA oil production growth that continues to surpass markets expectations", said Mr Khoman.
That the carbon intensity of Saudi Arabia's oil and corresponding gas flaring are among the very lowest in the world, and he called on the industry to use this metric alongside profitability.
It was the first time Riyadh has tapped worldwide debt markets since the October murder of journalist Jamal Khashoggi, which tarnished Saudi Arabia's public image.