Aramco’s indirect losses reach $58 bBillion from the “Houthi” strike on its refineries in Jizan

Saudi Arabia’s oil giant suffered its biggest blow in history on Monday, with new Yemeni attacks recorded.

Exclusive – Al-Khabar Al-Yemeni:

Aramco’s share price fell by about 0.9% in the latest trading session, according to Bloomberg.

The decline pushed the company’s market value to settle at 6.43 trillion Saudi riyals ($1.71 trillion), meaning a loss of approximately 58 billion riyals from its market value.

Aramco’s share price fell to 26.56 Saudi riyals.

The decline in the world’s largest company’s shares comes amid several developments, most notably the Yemeni forces’ targeting of the giant company’s refineries in the southern and western regions, specifically in Jizan and Yanbu, coinciding with the continued imposition of the Saudi navigation ban, which has prevented the full export of Saudi energy, currently using the Red Sea as its main platform.

Media reports indicated that Saudi export volume has fallen by more than 40%, as the Kingdom has only been able to export about two million barrels of oil per day through its ports on the Red Sea, after having approved raising the capacity to 9 million barrels.

Oil is the giant company’s most prominent resource.

Aramco’s losses have caused significant damage to the Saudi market, which witnessed an unprecedented decline in the last trading session that closed on Sunday and opened with an even greater decline today.