Aramco trades below IPO price for first time, after OPEC pact unravels

Shares of Saudi state oil company Aramco fell below their initial publ...

DUBAI - Shares of Saudi state oil company Aramco 2222.SE fell below their initial public offering price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.

Aramco stock is down more than 11% since the start of the year as concerns mounted the coronavirus outbreak will slow oil demand from China and hurt the global economy. A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the coronavirus outbreak and OPEC responded by removing all limits on its own production.

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