Khalid al-Falih said the kingdom, the world's top crude supplier, would cut its output to 7.2 million barrels per day in January, from 8.0 million bpd in November, with a further 100,000 bpd cut in February.
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.
However, "a cause for concern is that the EIA (Energy Information Administration) data was not all rosy, as the crude drawback of 1.7 million barrels came below market expectation of a 2.5 million barrel draw back", he added.
Mr Al-Falih played down chatter in the market that Aramco would fund the entire US$70 billion Sabic deal with the bond offering.
"This certification underscores why. we believe Saudi Aramco is the world's most valuable company and indeed the world's most important", Al Falih said in a statement, which made no mention of the IPO.
The Kingdom previously announced that oil and gas reserves were 264 billion barrels of oil and 307.2 trillion standard cubic feet of gas respectively as of December 31, 2017. "We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals".
Saudi Arabia's reserves of easily recoverable oil have always been the world's largest but few details were public.
With the calculation of the share of the joint field with Kuwait, the oil reserve makes up 266 billion barrels.
Natural gas reserves were also revised upwards from 302.3 trillion cubic feet (8.56 trillion cubic metres) to 324.4 trillion cubic feet, the ministry said.
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.
The operation was not fully concluded, so the interest rates have not yet been calculated.
While crude oil prices fluctuate depending on news events, global politics, and market conditions, the demand for transportation fuel continues to grow steadily, worldwide, according to the company.