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Saudi Aramco’s shares continued to decline during trading yesterday, despite Sunday’s historic agreement to reduce oil production that was reached by OPEC and the major oil producers in the world.
Aramco shares were down 1.7 per cent by the end of trading yesterday having dropped 1.25 per cent on Sunday.
The decline in the leading shares in the Saudi Stock Exchange to decline for the second session in a row, amid fears that the agreed upon global production cuts will not be sufficient to reduce the glut in light of the decline in demand for crude due to coronavirus.
OPEC and its allies, led by Russia, agreed to cut production in May and June by 9.7 million barrels per day, which is equivalent to ten per cent of global supplies.