World News

Aramco shares plunge as oil prices weaken on output surge plans

DUBAI (Reuters) – Shares of Saudi Aramco <2222.SE> fell sharply in afternoon trade on Wednesday, reacting to a 1% drop in oil prices after Saudi Arabia announced plans to boost oil output capacity for the first time in more than a decade.

At 1159 GMT, Aramco shares were trading at 29.70 Saudi riyals ($7.91), down 4.7% from their previous close, and well below their initial public offering price of 32 riyals, which in the December listing valued Aramco at $1.7 trillion.

(Reporting by Saeed Azhar; editing by Davide Barbuscia)