Saudi Aramco has said it expects oil prices to rebound in the first half of next year and for demand to remain healthy.
It comes after two years of low prices which has caused thousands of job losses across the globe.
The state-owned producer’s chief executive officer Amin Nasser said the gap between supply and demand is closing.
He said the anticipation was for that to become more balanced next year.
Nasser also said preparations for an initial public offering (IPO) were “going very well”.
He said: “We are in the process of preparing all segments of the company in terms of issuing our quarterly results starting hopefully next year in 2017.”
Aramco said it is also looking at other investments in downstream in Indonesia, China and Malaysia and other markets.
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