Daily Times

Riyadh: Saudi energy giant Aramco’s shares hit a record high for a second straight day on Thursday, as global oil prices surged after Russia’s invasion of Ukraine.

Aramco’s stock was trading at 45 Saudi riyals ($12) in Riyadh, according to the Saudi Tadawul market website, before falling back to 44.3 Saudi riyals ($11.8) at market close.

On Wednesday, trading stopped at 43.05 Saudi riyals ($11.48) per share. The Gulf kingdom — the world’s top crude exporter — has remained the firm’s majority shareholder since a December 11, 2019 listing. Aramco had priced its landmark initial public offering at 32 riyals ($8.53) per share and it soared the maximum limit to 35.2 riyals on its market debut.

The price of a barrel of West Texas Intermediate crude topped $115 on Thursday, the highest since 2008, as the war and sanctions against Moscow stoked fears for global supplies. Russia is the world’s second-biggest crude exporter after Saudi Arabia, which is close to Western governments but also to Moscow. The Organisation of Petroleum Exporting Countries and its allies (OPEC+), led by Riyadh and Moscow, failed Wednesday to respond to a call to produce more and faster, despite pressure on the Gulf states in particular.

Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia Sunday, the official Saudi Press Agency reported. While Saudi Arabia is seen as the kingpin of the original OPEC member states, Russia is the major player among the 10 other countries that make up OPEC+.