Saudi Aramco's stock trades on a different planet - Arabianbusiness:
Don’t worry if you missed Saudi Aramco’s earnings call: There wasn’t one.
Now the sticklers and bores among you might raise a hand and suggest that, what with the global pandemic, oil crash and assorted what-have-yous, it might be advisable for the biggest oil major in the world to spare an hour for an update. But honestly, does it really matter? I mean, look at this:
So how are things?
Shares in Saudi Arabian Oil Co., to give the company its full name, closed on Tuesday 2% below where they floated in December. You remember December, right? Possibly it’s the last time you had a haircut or felt completely safe getting on a plane.
It just so happens that on the same day Aramco released its first-quarter results, BP Plc’s new CEO Bernard Looney was quoted in a Financial Times interview saying he couldn’t rule out the possibility Covid-19 had ushered in peak oil demand. Now that’s BP, you might say, which is a fraction the size of Aramco and has just announced a big peak-oil-demand-ish long-term strategy.
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