March 11, 2020 / 12:11 PM / a month ago

Aramco shares plunge as oil prices weaken on output surge plans

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI (Reuters) - Shares of Saudi Aramco (2222.SE) fell sharply in afternoon trade on Wednesday, reacting to a 1% drop in oil prices after Saudi Arabia announced plans to boost oil output capacity for the first time in more than a decade.

At 1159 GMT, Aramco shares were trading at 29.70 Saudi riyals ($7.91), down 4.7% from their previous close, and well below their initial public offering price of 32 riyals, which in the December listing valued Aramco at $1.7 trillion.

Reporting by Saeed Azhar; editing by Davide Barbuscia

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