Saudi Arabia on Thursday denied reports that the kingdom has scrapped plans to list shares of state-owned energy giant Aramco on stock exchanges.

Khalid al-Falih, the Saudi minister of Energy, Industry and Mineral Resources and chairman of Saudi Aramco, said in a statement on Thursday: "The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum."

"This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months," al-Falih said.

His comments follow reports that the listing of Saudi Aramco may be canceled.

Subsequent to those reports, sources familiar with the process had told CNBC's David Faber that "the kingdom's powerful crown prince still wants to take Aramco public at some point in the future."

The IPO is now less urgent because oil prices have rebounded above $70 a barrel, relieving pressure on Saudi finances, the sources said.