Saudi Prince’s $2 Trillion Aramco Vision Fades on Oil-Price War
An advert of the Aramaco IPO in along the side of a road in the Saudi capital Riyadh.
Photographer: Fayez Nureldine/AFP via Getty Images
This article is for subscribers only.
Saudi Aramco’s worst day since December’s record-breaking IPO is shattering the government’s $2 trillion valuation for the state-oil company.
The shares tumbled almost 10% on Sunday, meaning more than $400 billion of market value has been wiped out in about three months. Saudi Arabia started an oil-price war on Saturday after OPEC+ talks collapsed.