Saudi Aramco's CEO has told CNBC its long-awaited plan to sell shares in the oil giant will happen, but he doesn't expect it until at least 2021.
The initial public offering (IPO) of the state-controlled firm is a stated aim of Saudi Arabia's Crown Prince Mohammed bin Salman, who has valued the firm at more than $2 trillion.
Speaking to CNBC's Steve Sedgwick at the ADIPEC forum in Abu Dhabi, Saudi Aramco's CEO Amin Nasser, said both the crown prince and Saudi Arabia's energy minister Khalid al-Falih were targeting a listing within three years.
"I think his royal highness and his excellency, the minister, talked about 2021. At the end of the day the government will decide when the market is good," he said.
Oil prices surged Monday after Saudi Arabia said it was cutting supply by half a million barrels per day in December. However, the bigger picture is that oversupply concerns have seen crude prices drop hard in recent months.