Saudi failure to restore “Aramco’s” value despite massive profit data

Saudi Arabia failed on Tuesday to restore the market value of the oil giant “Aramco.”

Exclusive – Al-Khabar Al-Yemeni:

The share prices of the largest Saudi oil producer and exporter recorded a significant decline on the stock exchange during recent trading.

Economic reports indicated a decline in Aramco’s share prices by about 0.81% at the opening of today’s session.

The company’s share price settled at around 26 Saudi riyals, after having risen to around 28 riyals in Monday’s session.

The decline comes despite the company conducting a wide promotional campaign talking about achieving profits of $33 billion in the second quarter of this year.

The profits, if true, are very meager compared to the price increases during the months of war from February to the present, given the continued war with Iran.

They should have achieved double the profits due to the surge in oil prices in previous periods.

The timing of the Saudi data indicates that it is part of an attempt to restore the company’s market value, especially as it has recently suffered due to Yemeni measures, whether related to the navigation ban or the targeting of ships and oil facilities as well.