Aramco Investors Miss Rally in Oil Stocks After Output Cuts
- State oil firm’s stock drops below June’s share sale price
- Stock offering and crude production cuts weigh on the company
This article is for subscribers only.
In a year when shares of some major oil producers have hit records, Saudi Aramco’s stock has gone the other way.
Aramco is down 17% in 2024, the worst performance among the world’s 10 biggest oil companies by revenue, as the company has cut production at the behest of its government owner. The stock on Sunday dropped below the price of this year’s secondary share sale. PetroChina Co., by contrast, is up 24% in Hong Kong, while Exxon Mobil Corp. has gained 17% and Shell Plc is 4.6% higher.