Saudi announcement to cut productions and increase oil production made oil prices to plunge, impacting equity markets, which were already oscillating due to fears regarding coronavirus.
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The Saudi Arabian state-run oil company had its initial public offering (IPO) last week. Its market value exceeds that of the world’s five biggest oil companies combined.
The Saudi Arabian state-run oil company’s initial public offering outdid that of China’s Alibaba. At an estimated market value of USD 1.7 trillion, Aramco is worth more than Apple.
