Aramco’s Drop Below IPO Price Deals Blow to Saudi Economic Plan [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets battered the outlook for the kingdom’s flagship oil company. The stock fell as much as 9.4% in Riyadh before trimming losses to close down 9.1% at 30 riyals. That compares with the 32 riyals at which it began trading on Dec. 11. The Tadawul All Share Index retreated 8.3%. across the Middle East tumbled Sunday after Saudi Arabia ignited an all-out oil price war by slashing pricing for its crude, making the deepest cuts in more than 30 years on its main grades. The declines for Saudi Aramco are a setback for a government that had celebrated last year’s record $29 billion initial public offering as a showpiece of Crown Prince Mohammad bin Salman’s drive to open up the energy-dependent economy. Aramco’s pricing cuts were the first response to the breakup on Friday of OPEC’s alliance with partners like Russia. Oil plunged the most since 2008 following the failure of the
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