Aramco goes up 9.88% on the stock market after the announcement of the production increase

Saudi oil company Aramco, the world's most profitable company, closed Tuesday's trading session with the biggest rise since its December IPO, with a 9.88% rise in its share price over the previous day, after announcing a 2.5% increase in production from April 1.

Aramco, which this week recorded for the first time a fall in its share price below the IPO value ($9.39), closed on Tuesday with a price of $8.3, after the company announced an increase in production of 300,000 barrels per day. According to the oil company, its production will reach 12.3 million barrels per day starting April 1st.

This decision comes after a "black" Monday for the markets after the price of oil plummeted 25% as a consequence of the drop in production due to the coronavirus and the beginning of a price war between Saudi Arabia and Russia.

After announcing the increase in its production, Aramco's shares rose 9.88% from Monday, the biggest rise in the company's history after its IPO on December 11, when it achieved the maximum allowed rise of 10% per day on the Saudi Tadawul stock market.

The Arabian Peninsula's stock exchanges also saw rises after yesterday's loss day, which led some of the regional markets to suspend their sessions due to the collapse of the shares of the companies listed there. Tadawul closed today with a 7.07% rise, while the stock markets of Bahrain, Qatar, Abu Dhabi and Oman ended the day in positive territory with 1.47%, 3.34%, 5.52% and 0.68% more respectively.