09.03.2020, 10:34
Shares of Saudi Aramco Fell by a Maximum Allowable 10%
Source: OREANDA-NEWS
OREANDA-NEWS. Shares of the Saudi oil corporation Saudi Aramco during the auction fell 10%, reaching 27 riyals per share ($ 7.2), according to the trading data of the Saudi Tadawul exchange. At the same time, the cost of securities fell to the minimum level since the start of trading in the company's shares after the IPO in December 2019.
Shares of Saudi Aramco are getting cheaper amid falling oil prices. Thus, the cost of futures for Brent crude oil for delivery in May 2020 during trading on the ICE exchange in London decreased by 25.1% and reached the level of $ 33.9 per barrel. At the same time, at the peak of the decline, the oil price fell to $ 31.02, which is 31.5% lower than the closing level of previous trading.
Since mid-January, stock prices of Saudi Aramco on the stock exchange have been gradually declining. At first, the aggravation of the situation in the Middle East was a factor, then the outbreak of coronavirus in China became a negative background.
On Friday, March 6, Saudi Arabia could not agree with Russia to extend the deal to reduce oil production after March. Bloomberg later announced Saudi Arabia’s plans to increase oil production in April in excess of 10 million barrels per day (bpd). The Kingdom under the agreement limits production at 9.7 million bpd.
Shares of Saudi Aramco are getting cheaper amid falling oil prices. Thus, the cost of futures for Brent crude oil for delivery in May 2020 during trading on the ICE exchange in London decreased by 25.1% and reached the level of $ 33.9 per barrel. At the same time, at the peak of the decline, the oil price fell to $ 31.02, which is 31.5% lower than the closing level of previous trading.
Since mid-January, stock prices of Saudi Aramco on the stock exchange have been gradually declining. At first, the aggravation of the situation in the Middle East was a factor, then the outbreak of coronavirus in China became a negative background.
On Friday, March 6, Saudi Arabia could not agree with Russia to extend the deal to reduce oil production after March. Bloomberg later announced Saudi Arabia’s plans to increase oil production in April in excess of 10 million barrels per day (bpd). The Kingdom under the agreement limits production at 9.7 million bpd.
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