RIYARD (AFP) – Saudi energy giant Aramco’s shares rose to a record high yesterday amid a surge in global oil prices following Russia’s invasion of Ukraine.
Aramco’s stock was trading at SAR42.9 (USD11.4) in Riyadh, according to the Saudi Tadawul market website.
The Gulf kingdom – the world’s top crude exporter – has remained the firm’s majority shareholder since a December 11, 2019 listing.
Aramco had priced its landmark initial public offering at SAR32 (USD8.53) per share and it soared the maximum limit to SAR35.2 on its market debut.
Crude surged past USD113 a barrel yesterday with investors growing increasingly fearful about the Ukraine war’s impact on global energy supplies.
The conflict in eastern Europe comes with prices already elevated owing to tight supplies and a strong recovery in global demand as economies re-open from pandemic-induced lockdowns.
Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.
Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia on Sunday, the official Saudi Press Agency reported.
Crown Prince Mohammed bin Salman made the comments during a conversation with French President Emmanuel Macron that also covered the situation in Ukraine and its impact on the energy markets, SPA said.