#Saudi Aramco drops 10% after kingdom triggers oil price fall - Reuters

Saudi Aramco drops 10% after kingdom triggers oil price fall - Reuters:

Saudi Aramco 2222.SE shares fell 10% on Monday after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month, prompting a sharp drop in prices.

Shares in Aramco were trading at 27 riyals ($7.20), 15.6% below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering. 


Aramco fell below its IPO price on Sunday for the first time since trading began in December when the company’s listing was seen as a culmination of years of Crown Prince Mohammed bin Salman’s efforts to help diversify the economy away from oil.

Saudi stocks also fell 9.11%, while international bonds issued by Saudi Arabia and Aramco also plunged.