Saudi Aramco is reportedly planning to sell between $10 billion and $20 billion worth of shares in a new offering.

• The Saudi state and its sovereign wealth fund own the majority of Aramco, with only 1.5% of the company publicly traded on the Tadawul after its initial public offering in 2019.
• Despite raising a record $29.4 billion in its IPO, it remains the largest to date in history.
• The new offering, reportedly, would be advantageous for the kingdom, which is currently investing heavily in large-scale projects despite a decline in oil revenue.

Aramco is planning to sell between $10 and $20 billion of its stock this week, according to sources.

The Saudi state and its sovereign wealth fund own the majority of Aramco, with only a small percentage of the company publicly traded on the Tadawul after its initial public offering in 2019.

The largest IPO in history raised a record $29.4 billion, but Aramco remains the world's largest oil company in terms of both daily oil production and market cap.

The upcoming sale could be advantageous for the kingdom, which has experienced six consecutive quarterly budget deficits in early May due to high spending on large-scale projects and decreasing oil revenues.

Aramco refrained from providing comment when contacted by CNBC.

The sale of Saudi Arabia's state-owned oil company could ease some financial strain on the kingdom in the short term, according to a report in the Journal. The kingdom forecast a budget deficit of 79 billion Saudi riyals ($21 billion) for the year and expects a fiscal deficit in 2025 and 2026. However, the sale of the company could still be delayed or canceled, the Journal reported.

Read the full report here.