The share price of the Saudi oil giant Aramco broke a high record today since its entry into the stock market at the end of 2019, in a context of a spike in oil prices due to the Russian invasion of Ukraine.
Aramco’s stock traded at 42.9 riyals (about 10.3 euros) in Riyadh today, according to the website of the Saudi Stock Exchange (Tadawul), the wealthy Gulf oil monarchy and a majority shareholder in Aramco.
First in the world in crude oil exports, Aramco was listed on the Riyadh Stock Exchange in December 2019. Its share then began to sell at 32 riyals (about 7.7 euros).
This Aramco stock market record comes after sanctions were imposed on Moscow over its invasion of Ukraine on the night of February 23-24 and are already beginning to affect Russian crude exports.
Saudi Arabia’s economy, which relies heavily on oil exports, has been hit hard by declining black gold prices in international markets since 2014.
The day before yesterday, Monday, Riyadh confirmed that it remains committed to the OPEC + alliance with Russia, as well as its will to “stabilize and balance the oil markets”.
Source: AMPE
Source: Capital
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