Aramco stock dips below IPO price amid ‘price-war’ reports
Saudi Arabia’s national petroleum and natural gas company Saudi Aramco’s stock on the Tadawul stock exchange dropped below its initial public offering (IPO) price on Sunday after US media reported that Riyadh is planning to start an oil “price war.”
The company announced yesterday that it will decrease light crude oil selling prices for April to respond to the OPEC+ output reduction deal failure on Friday.
In addition, Saudi Arabia is planning to boost its oil production in April to more than 10 million barrels per day (bpd), which could trigger a “price war,” Bloomberg News reported, adding that Saudi officials have allegedly said that the hike could eventually amount to 12 million bpd. Riyadh’s current production stands at 9.7 million bpd.
Aramco’s stock was 6.06% lower, selling for 31.00 riyals ($8.26) at 9:30 am CET.
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