03.04.2020 ARAMCO Daily Analysis

03.04.2020 ARAMCO Daily Analysis

Aramco's stock value is currently 31.65 Rials which is an improvement of 1.01 Rials. Oil prices globally improved briefly over a 240-minute period after the U.S President, Donald Trump tweeted that he had spoken with Russia's president and the Crown Prince of Saudi Arabia and that plans were underway to bring the oil production down to around 10 million barrels per day. However, the Kremlin was quick to release a statement that they hadn't been in contact with Saudi Arabia and no talks had been done. However, the Saudi official release called for an emergency OPEC meeting to discuss how to achieve  “A fair agreement”. No official date has been set though. However, the fact that Saudi Arabia wants an emergency meeting to discuss oil output production is constructive for the price of oil. Saudi is definitely looking forward to the end of this "strongest-will-survive" price war because it's hitting them hard with a lot of their tankers leaving with no particular destination because there are no more buyers. Yeah, that's right, no more buyers for cheap oil.