According to two people with firsthand knowledge of the situation, Saudi Aramco intends to sell Islamic bonds denominated in US dollars as early as this month in an effort to strengthen its financial sheet in the face of declining oil prices.
The largest oil company in the world, Aramco, may generate $3 billion to $4 billion for its sukuk, according to one of the individuals. The subject matter is confidential, therefore the folks who talked agreed to remain anonymous. Aramco’s acquisition would come after a spike in bond issuance this month due to high investor demand and significant bond fund inflows.
In August, Saudi Aramco stated on its results call that it intended to keep borrowing and that its balance sheet gearing was among the lowest in the sector. Reuters reported in April that Saudi authorities assured market participants and friends the kingdom could cope with the price decline by reducing expenses and increasing borrowing.
When Reuters requested comment on the issue at the time, the Saudi government’s communications office did not respond. In May 2025, Aramco raised $5 billion by tapping the international bond markets.
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