State-owned Saudi Arabian Oil Co., or Aramco, said Monday its recoverable and proven crude oil and condensate reserves slipped slightly to 259.7 billion barrels in 2011 from 260.1 billion barrels a year earlier, but its total output of crude oil and gas increased during the period.

The top oil exporter's crude output averaged 9.1 million barrels per day in 2011, up from 7.9 million barrels per day a year earlier, Saudi Aramco said in an annual review posted on its website.

Exports of crude and refined products averaged 6.63 million barrels per day last year, up from 5.53 million barrels per day in 2010.

Saudi Arabia , the world's largest oil exporter, last year upped its output significantly to meet demand in the market after the loss of oil supplies from Libya due to the revolution.

The Arab Gulf state's current capacity stands at 12.5 million barrels per day, a level which it believes is way beyond current levels demanded and a reliable buffer against any temporary loss of production in the market.

"In 2011, the company supported global energy security and petroleum market stability through the continuing reliability of its operations and its investment in significant spare production capacity," Ali al-Naimi, Aramco's chairman and the Saudi oil minister, said in the review.

"Historically, our spare capacity has been tapped to compensate for production disruptions and declining supply from other major suppliers, and is a cornerstone of the Kingdom's forward-looking energy policy," he added.

Aramco's gas production averaged 9.9 billion cubic feet per day in 2011 from 9.4 billion cubic feet per day in 2010, while gas reserves rose to 282.6 trillion standard cubic feet from 279 trillion standard cubic feet.

Saudi Aramco is fully owned by the Kingdom of Saudi Arabia . It is one of the largest oil and gas companies in the world with activities in exploration, production, refining, distribution, shipping and marketing.

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