The state oil giant Saudi Aramco has seen its shares drop by 10% as Riyadh stock market opens, halting trading. The drop came as global oil prices suffered their worst losses since the start of the 1991 Gulf War.
Muslims circumambulate the Kaaba, the cubic building at the Grand Mosque, in the Muslim holy city of Mecca, Saudi Arabia, Saturday, March 7, 2020. Few worshippers were allowed to enter after dawn prayers to circumambulate the Kaaba over fears of coronavirus.
The drop came as global oil prices suffered their worst losses since the start of the 1991 Gulf War. Other Mideast markets fell as well as the new coronavirus has affected global energy prices and OPEC failed to make a production cut deal with Russia last week. Saudi Arabia already shut down access to the holiest sites in Islam over concerns about the virus and the COVID-19 illness it causes. The virus usually leaves people with only mild to moderate symptoms, but because it’s new, experts can’t say for sure how far it will ultimately spread and how much damage it will do, both in terms of health and the global economy.
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