In an official statement on Friday (08/01/2016) local time, Saudi Aramco also said it is studying the option to make an initial public offering alias Initial Public Offering (IPO) of the Group or a subsidiary.
Saudi Aramco is the world's largest oil company. The company produces 12 percent of world crude oil and has reserves of 261 billion barrels of oil, or about 15 percent of world oil reserves.
Consideration Saudi Arabia for Saudi Aramco seen selling shares show the country's financial situation really is. Because, these considerations arise when the oil price fell to its lowest level for 12 years.
"Saudi Arabia is experiencing great shopping, uncontrolled and unsustainable in the defense sector and subsidies. They really want to increase reserve money," said Luay al-Kahatteeb, energy security experts and members of the Brookings Doha Center.
Oil revenue accounts for 75 percent of Saudi Arabia and the fall in oil prices hard slap the country's economy. Finally, Saudi Arabia was experiencing a budget deficit of up to 100 billion US dollars, and force the government to withdraw the subsidy at the same time to increase fuel prices by up to 50 percent.
This week, oil prices fell to the lowest level in 12 years. Oil prices dropped sharply from around 100 US dollars a barrel to just above 33 dollars per barrel.
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