Dubai, United Arab Emirates (CNN) – The share price of Saudi Oil Company Aramco fell on Sunday to its lowest levels and became less than its offering price, for the first time since the IPO began last December, after the failure of the “OPEC” countries and Russia Last Friday, in reaching an agreement to reduce oil production, due to the impact of the emerging “Corona” virus.
The share price of Aramco decreased by 9.24%, to decrease to 30 Saudi riyals (8 dollars), by 1:00 p.m. Sunday (Mecca time), after the morning trading opened at 31.90 riyals. Last Thursday, the share price of Aramco reached 33 riyals.
The share price of Aramco at the time of its offering for trading for the first time in the Saudi financial market on December 11 last was 32 riyals. The share price of Aramco reached its highest level on December 16, when it reached 38 riyals. The share price ranged between last January and February between 33 and 35 riyals.
The decline in the share price of Aramco came amid the decline of financial markets in the Kingdom of Saudi Arabia and the Gulf countries, as the main index in the Saudi “Tadawul” market fell by 8%. Oil prices fell more than 9% last Friday, after the failure to reach an agreement between “OPEC” and Russia.
The Organization of Petroleum Exporting Countries “OPEC”, led by the Kingdom of Saudi Arabia, has proposed to Russia an additional reduction in daily oil production, with the aim of stopping a drop in oil prices following the decline in global demand, especially from China with the spread of the Corona virus, but Russia rejected the proposal and the parties did not reach an agreement.
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