The Capital Market Authority (CMA) of Saudi Arabia permitted Saudi Aramco to launch its initial public offering (IPO) on November 3, creating the most valuable listed firm worldwide.

Saudi reserves increased by 2.2 billion barrels to 263.1 billion barrels of oil at the end of 2017, while natural gas reserves rose to 319.5 trillion cubic feet.

Oil giant Saudi Aramco is reportedly considering offering shares to citizens of Saudi Arabia as it prepares for an initial public offering (IPO) that could be the biggest the world has ever seen.

Saudi Arabia will reduce the overall tax rate paid by Aramco to make its 2018 initial public offering more appealing to investors, as it is expected to conduct a public offer of its shares in 2018.

Saudi Aramco's initial public offering (IPO) would be more suitable during 2018 when oil prices would have recovered and the market conditions improved.

Japan's government declared it has no intentions to invest in state-run oil firm Saudi Aramco's planned initial public offering (IPO).