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Saudi stock market under pressure after attack on state oil company Aramco

2019-09-15T10:23:37.270Z

The drone attack on Saudi Aramco, a Saudi state oil company, put pressure on the stock market trading in the Middle East. Investors reacted nervously and connoisseurs pointed to the apparent vulnerability of the oil facilities in the kingdom to terrorist attacks.



The drone attack on Saudi Aramco, a Saudi state oil company, put pressure on the stock market trading in the Middle East. Investors reacted nervously and connoisseurs pointed to the apparent vulnerability of the oil facilities in the kingdom to terrorist attacks.

The Tadawul All Share index fell more than 3 percent in the meantime, with the prices of Al Rajhi Bank and petrochemical company Sabic showing the strongest declines. Meters in the United Arab Emirates, Qatar, Kuwait and Bahrain also fell.

A stock strategist spoke of "a very tense situation", which has increased the already increased risks in the region "to unprecedented levels". Oil installations in Abqaiq and Khurais were hit by ten drones on Saturday.

Abqaiq's oil field in the northeast of the country is home to the world's largest oil refinery. The field in Khurais, between the capital Riyadh and the Persian Gulf, is one of the most important oil fields in the country.

Saudi Arabia's oil production was cut in half

Aramco, the world's largest exporter of crude oil, halved its oil production.

Market researchers, by the way, do not think that the mega-fair going of Saudi Aramco, which is in principle planned for 2020 or 2021, will be endangered. The drone attack can, however, undermine the valuation of the group if Saudi Aramco does not seem capable of tackling effective terrorism, for example. The walk to the stock markets of the oil giant is already called the largest IPO ever.

See also: Drone attacks in Saudi Arabia: this is happening

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Source: nunl

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