With two weeks to go until sanctions on Iran begin, Amin Nasser, the head of the world's largest oil company wants to assure markets that Saudi Arabia can deliver on higher output. 

Oil prices tumbled to a two-month low on signs of rising supply and as fears about slowing global growth prompted investors to abandon risky assets. Saudi Arabia's ability to supply more crude has become increasingly important as production from countries like Iran and Venezuela has fallen.

CEO of Saudi Aramco, Nasser promised that the country could ramp up production to 12 million bpd if needed.

At the Future Investment Initiative in Riyadh, Saudi Arabia has signed agreements worth over 50 billion US dollars with global companies. And Aramco announced Tuesday that it had approved 15 memorandums of understanding worth 34 billion US dollars with firms from eight countries.

The agreements announced by Aramco underscore the continued importance of the massive oil company to the kingdom's economy, which was confirmed by Nasser.

The oil giant is also pushing more into downstream businesses. Aramco has been boosting its investments in refining and petrochemicals to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

The company is working on buying a stake in Saudi Basic Industries Corp (SABIC), the world's fourth largest petrochemical maker, as part of plans to become a leader in the chemical industry.

Nasser said the Saudi Arabian government was still committed to an initial public offering of Aramco, while the timing depended on market conditions and other factors. He added that Aramco could not list while the SABIC deal was ongoing.

(With inputs from Reuters)