The Saudi Aramco's stock prices fell by the maximum allowable 10 percent to 27 riyals $7) at the opening of trading on Monday
MOSCOW (Pakistan Point News / Sputnik - 09th March, 2020) The Saudi Aramco's stock prices fell by the maximum allowable 10 percent to 27 Riyals $7) at the opening of trading on Monday.
On Sunday, its shares traded below the original IPO price of 32 riyals for the first time since December, which was a 6.36 percent drop.
The stock prices are falling amid the collapse in world oil prices by more than 30 percent. Oil quotes tumbled after the Saudi-led OPEC, or the Organization of the Petroleum Exporting Countries, failed to agree on the oil production cuts.
The OPEC has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna on Friday to discuss a potential cut of another 1.5 million barrels per day (bpd) above an existing pact to reduce as much as 2.2 million bpd from the start of 2020.
OPEC+ issued a statement after Friday's talks, saying it would continue consultations to stabilize the oil market, without mentioning the deeper cuts.
