Saudi Aramco plans to increase its capital expenditures by close to 10% next year, according to the company’s Senior Vice President of Technical Affairs, Ahmad El Sa’adi, Reuters reports.

This year’s budget calls for $93,31 billion in capital spending, El Sa’adi noted, but the company will increase this amount by approximately 10% in the upcoming fiscal year, according to Reuters.

The company is currently planning to launch an initial public offering (IPO) of up to 5% of its shares next year.

After rallying earlier this week, crude oil prices have pared back their gains.