Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that the Kingdom will reach an oil production capacity of 12 million bpd by the end of November.
The minister told the Saudi-Russian forum in Riyadh that OPEC and non-OPEC oil-producing countries are ready to take all measures to balance the market.
Speaking at the same forum, Saudi Aramco Chairman Yassir al-Rumayyan said that the initial public offering (IPO) of the oil giant will be announced '"very very soon.”
"Aramco's IPO will take place sooner than you think," said al-Rumayyan.
"I think that the announcement will be very, very soon."
According to Bloomberg, Aramco's board is expected to give final approval by the end of this week to proceed with the sale.