The IPO is intended to raise money for the country's Vision 2030 reform plan, but for the sale to be as lucrative as possible, Saudi Arabia first had to lower tax rates to more competitive levels. In theory, a reduction in taxes should increase the amount investors are willing to pay for a stake in Saudi Aramco, driving up the initial sum that Saudi Arabia can expect to receive through the IPO. Changing the income tax rules also signals to the world that Saudi Arabia is serious about the IPO and will not back down from it. This also means that the kingdom is likely committed to fostering the health of the global oil market by continuing to back OPEC production cuts , which are up for extension on May 25.