Last Sunday, Aramco's shares fell below the IPO price of 32 riyals ($8.53) for the first time, ending the day at 30 riyals. Total revenues, including other income related to sales, were 1.106 trillion riyals in 2019, down from 1.194 trillion riyals the year prior. Aramco expects capital spending this year to be between $25 billion and $30 billion, down from $32.8 billion in 2019 and $35.1 billion in 2018. HISTORYIn 1938, explorers from the Rockefeller family's Standard Oil Company struck oil in Saudi Arabia. The venture became known as the Arabia American Oil Company and crude oil production hit 500,000 barrels per day in 1949.

Source: bd News24 March 15, 2020 10:07 UTC