Oil Prices, Saudi Aramco: Price War Stock IPO and OPEC+ - Bloomberg:
Saudi Aramco shares dropped below their IPO level for the first time after oil collapsed and the energy giant kicked off a price war.
The slump dealt at least a temporary blow to the showpiece of the Saudi oil-industry three months after it completed a record share sale.
The stock fell as much as 6.4% in Riyadh on Sunday to trade at 30.90 riyals, below the 32 riyals they sold for in December’s record $29 billion initial public offering. It trimmed the decline to 6.2% as of 11:23 a.m. local time, while the the benchmark Tadawul All Share Index lost 7.1%.
Saudi Arabia ignited an all-out oil price war on Saturday when it slashed pricing for its crude, making the deepest cuts in at least 20 years on its main grades. The cuts were the first response to the breakup on Friday of OPEC’s alliance with partners like Russia. Oil plunged the most since 2008.
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