Saudi Arabia announced an increase in its oil and gas reserves on Wednesday, January 9.

The country said oil reserves witnessed an increase from 2.2 billion barrels to 263.2 billion barrels while gas reserves increased from 17 trillion cubic feet to 319.5 trillion cubic feet.

With the calculation of the share of the joint field with Kuwait, the oil reserve makes up 266 billion barrels. Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.

Addressing a press conference on Wednesday, Minister Khalid al-Falih said that the latest audit “confirms our belief that Aramco is the most valuable company in the world.”

“Independent assessment confirms that each barrel of oil we produce is the most profitable globally,” he added.