Shares of Saudi oil giant, Aramco, soared to an all-time high after its CEO Amin Nasser said oil demand continues to rebound from the pandemic, including in its main market of Asia.
After gaining as much as 6.6%, the share price hit a record SR40.2 ($10.71), before paring gains to 4.2% as of 12:15 p.m. in Riyadh.
In his speech Nasser said: "With the global recovery we’re seeing today, there is more demand for products and we see that from different enclaves, especially in Asia,".
Earlier this month, Saudi Crown Prince Mohammed bin Salman announced the transfer of 4% of Saudi Aramco shares (worth about $80 billion) to kingdom's sovereign wealth fund, Public Investment Fund (PIF).
