Investors also reacted negatively to the US Federal Reserve saying the virus posed a threat to global markets/Bloombergby Bloomberg
Saudi Aramco shares dropped for a fourth day, edging closer to the price they were listed at in December 2019 as the coronavirus reduces demand for oil.
Oil declined for the fifth straight week last week with Russia yet to back the Kingdom’s calls for the Organisation of Petroleum Exporting Countries and allies to cut production. Investors also reacted negatively to the US Federal Reserve saying the virus posed a threat to global markets.
Saudi Arabia’s non-oil growth rate in the third quarter was the highest in five years and momentum continued in Q4 2019. However, the two headwinds could derail this recovery: public spending cuts, and a reduction to oil output in response to the spread of the coronavirus.