Higher oil prices won't change the pace of Saudi Arabia's reforms, the country's finance minister told CNBC Wednesday.

"Higher oil prices will only help reduce the deficit and build reserves, we will continue our reform," Mohammed bin Abdullah Al-Jadaan told CNBC's Hadley Gamble on Wednesday.

"I assure you that there is a lot of excitement about reform and when you see results you get more energy to do more because you can see that it's working and helping the economy," Al-Jadaan said.

Reforms were more than just those helping with government income, he said, rather they were important for Saudi Arabia in its mission to diversify the economy and have a "sustainable income," he said.

"We have had a very successful year over the last year a lot has been achieved in terms of fiscal discipline, the government has been really very efficient in its spending and, overall, non-oil revenue has been as planned or even in certain parts (of the economy) better than planned," he said.

He said that oil revenues are increasing as prices rise, which are helping the country to reduce its deficit, which the government has managed "to reduce by 40 percent in the last two years."