Aramco priced its IPO at 32 riyals (US$8.53) per share, the top of its indicative range, the company said in a statement.
Oil producers led by Saudi Arabia and Russia agreed on Dec. 5 to cut output by an extra 500,000 barrels a day (bbl/d) for the final three months of their deal to curb supply but stopped short of pledging action beyond next March.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bbl/d) to 1.6 MMbbl/d, Iraq's oil minister said on Dec. 1.
Saudi Aramco has received bids for its shares totaling $44.3 billion so far, lead manager Samba Capital said on Nov. 29, putting its initial public offering on track to be over-subscribed.
Oil prices dipped on Nov. 29 in muted activity because of the U.S. Thanksgiving holiday while OPEC watchers expect an extension to a pact to throttle oil output beyond March but no deeper cuts to be decided by the producer group and its allies.
Proposed projects to export liquefied natural gas (LNG) from North America face an uphill battle against Qatar, which announced plans to further ramp up production to hold onto its position as the world's leading LNG exporter.
Qatar topped up its expansion plan for its vast liquefied natural gas (LNG) production facilities after drilling and appraisal work at its gas fields and now expects to produce 126 million tonnes a year (mtpa) by 2027.