The sale of shares by Saudi oil giant Aramco is expected to increase its stock value by $11.2 billion.

• At 11:30 a.m. local time (4:30 a.m. ET), shares were trading above the stock sale offer price on the Tadāwul Saudi stock exchange, with a price of 28.25 Saudi riyals ($7.53).
• The state oil company is expected to raise approximately $11.2 billion through the sale of its secondary offering, which has met strong demand.
• Saudi Arabia is pursuing ambitious plans to shift its economy away from oil under Crown Prince Mohammed bin Salman's Vision 2030 program.

On Sunday, the shares of Saudi Arabia's Aramco increased after a stock sale aimed at raising approximately $11.2 billion.

At 11:30 a.m. local time (4:30 a.m. ET), shares were trading at 28.25 Saudi riyals ($7.53) on the Tadāwul Saudi stock exchange, above the stock sale offer price of 27.25 Saudi riyals. The pricing was at the lower end of the initial 26.70-29 Saudi-riyal range.

The secondary offering announced on May 30 was in high demand, with sources reporting that it garnered over $65 billion in demand. However, CNBC was unable to verify the reporting.

Saudi Arabia is pursuing ambitious plans to shift its economy away from oil under Crown Prince Mohammed bin Salman's Vision 2030 program.

The plan, featuring numerous "gigaprojects," comes with a substantial price tag, with Neom, the city of the future, estimated to cost approximately $500 billion.

Despite the decline in oil prices for three consecutive weeks, the uncertain demand outlook and investor expectations for an interest rate cut by the U.S. Federal Reserve continue to weigh on the volatile oil market.

— CNBC's Ruxandra Iordache contributed to this report.