While there is no doubt that Saudi Aramco’s initial public offering will be the largest the world has ever seen, there are growing doubts that the proposed listing will go ahead.

Over the past few months there have been persistent reports that the IPO will be delayed, and then in mid-October it was reported that Riyadh may choose a private share sale to sovereign wealth funds and international investors rather than a public listing - Chinese companies are understood to have written to Aramco expressing interest in a private share sale.

Aramco says the reports of a private share sale are speculative, but they do raise interesting questions about the future of economic reform in the kingdom.

If the IPO is scrapped in favour of a private share sale it will still meet Riyadh’s revenue raising objectives, but the U-turn will raise questions about its commitment to reform across the rest of the economy – there are also reports that the National Transformation Plan is being rationalised.

Alternatively, if the IPO proceeds the company could run the risk of falling short of the $2 trillion valuation that it has been given by Crown Prince Mohammed bin Salman al-Saud.

These broad sweeping implications mean that the decision to press ahead and list will ultimately be a political one.