An initial public offering of Saudi Aramco, the world’s biggest oil company, could be on the local or international markets but would not include Saudi energy reserves, the company’s chairman told Saudi-owned al-Arabiya television. “The reserves would not be sold, but the company’s ability to produce from the reserves is being studied,” Khalid al-Falih told the channel in an interview from Davos, Switzerland where the annual World Economic Forum was held last week.