Saudi Aramco 32.70usd, +0.10, +0.15%
Today Aramco has gained with 0.15 percent and it is trading on 32.70usd. This is because it was reported that China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars. Senior executives from China Petroleum (NYSE:SNP) & Chemical Corp., PetroChina Co., Cnooc Ltd., and Sinochem Group Co. are still having talks which are in line with the advancement of this move and make sure they iron out details of the plan. The proposal has won the support of the Chinese central government and relevant industry watchdogs of China.