30.03.2020 Aramco Daily Analysis

30.03.2020 Aramco Daily Analysis

Aramco shares are currently trading at $29.95 which isn't much of a difference since last week. However over the weekend in pre-market trading, the oil prices went extremely low most probably due to the oversupply by the Saudi Arabian company which seems adamant in keeping up with its current pace of producing more than 12 million barrels per day. Russia has requested talks regarding the price war but Saudi Arabia wants to talk about nothing at this point. Oil prices were at one point at 18- year lows. The United States also increased its lockdown period to extend until the 30th of April and this saw stocks and commodities all tumble. However, With refinery demand severely weakened by the coronavirus pandemic, sources said Aramco was making use of its storage hubs near the world’s key refineries.