Saudi Arabia is considering listing state oil major Saudi Aramco solely on the domestic Tadawul stock exchange in 2019, deferring the decision to list internationally, according to a report in the Wall Street Journal.

Riyadh had been planning to launch a dual-listing of Saudi Aramco in 2018, with a local listing supplementing a listing on a major international stock market, such as New York or London. However, recent statements suggesting the IPO could be delayed until 2019 have now been followed by the news that the international listing may be shelved.

According to the Wall Street Journal report, Aramco will list solely on the Tadawul in 2019, while Riyadh evaluates the benefits of listing on an international venue. According to the report, the decision to list solely on the local exchange is due to concerns about legal risks and also because the requirement for a bigger listing has become less important due to rising oil prices.

Earlier in March, the Financial Times reported that UK officials had been informed by their Saudi counterparts that the Aramco stock flotation was likely to be delayed until 2019.

Saudi Arabia first announced plans to launch the initial public offering (IPO) for Saudi Aramco in January 2016, and the planned IPO formed the centrepiece of the 2020 National Transformation Plan, launched later that year in tandem with the Vision 2030 economic reform programme. Saudi Arabia’s Crown Prince Mohamed Bin Salman has previously stated that the oil major could have a market value of $2 trillion, with a 5 per cent IPO raising up to $100bn. However, most international economists estimate the oil company’s wealth is likely to be between $1-1.5 trillion.