Saudi energy giant Aramco’s shares rose to a record high on Wednesday amid a surge in global oil prices following Russia’s invasion of Ukraine.
Aramco’s stock was trading at 42.9 Saudi riyals ($11.4) in Riyadh, according to the Saudi Tadawul market website.
The Gulf kingdom — the world’s top crude exporter — has remained the firm’s majority shareholder since a December 11, 2019 listing.
Aramco had priced its landmark initial public offering at 32 riyals ($8.53) per share and it soared the maximum limit to 35.2 riyals on its market debut.
Crude surged past $113 a barrel Wednesday with investors growing increasingly fearful about the Ukraine war’s impact on global energy supplies.
The conflict in eastern Europe comes with prices already elevated owing to tight supplies and a strong recovery in global demand as economies reopen from pandemic-induced lockdowns.
Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.
Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia Sunday, the official Saudi Press Agency reported.
Crown Prince Mohammed bin Salman made the comments during a conversation with French President Emmanuel Macron that also covered the situation in Ukraine and its impact on the energy markets, SPA said.
“In this regard, His Royal Highness the Crown Prince affirmed the kingdom’s keenness on the stability and balance of oil markets and the kingdom’s commitment to the OPEC+ agreement,” the agency added.
While Saudi Arabia is seen as the kingpin of the original OPEC member states, Russia is the major player among the 10 other countries that make up OPEC+.