The world's biggest 14 publicly-traded oil companies saw their market capitalization decline by a total of $495 billion this week due to low oil prices, according to data compiled by Anadolu Agency on Sunday.
The stock price of Saudi Aramco, the world's largest company by market value, decreased by 12.1% from 33.00 Saudi riyals on March 8, Sunday to 29.00 Saudi riyals on March 12, Thursday in Saudi stock exchange Tadawul.
With that result, the Saudi national oil company had its market capitalization decline by $230 billion.
Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC failed on March 6 to curb their oil production levels, which caused crude prices to plummet around 30% and hit their lowest levels since February 2016.
Rosneft's share price fell 32.2% and the firm's market capitalization decreased $19 billion between March 10, Tuesday through March 13, Friday in Moscow Exchange, which was closed on March 9, Monday due to International Women's Day the day before.
Lukoil's stock price fell 21.1% during that period, while its market value declined by $11 billion.
- Shell, Eni fall largest in Europe
Among European oil giants, Royal Dutch Shell posted the largest decline in market capitalization, while Italy's Eni had the biggest percentage decrease in stock price.
Between March 9, Monday through March 13, Friday, Royal Dutch Shell's share price fell 30.8% and its market value lost $48.3 billion.
While Eni's stock price plummeted 32.4% during that period, its market capitalization decreased by $13.5 billion.
BP saw its share price decrease by 30.1% and its market cap decline by $29.5 billion during the same period, while French Total S.A. had its stock price fall by 29.9% and its market value plummet by $33.7 billion.
Norway's Equinor had its stock price decline by 27.2%, while its market value saw $12.7 billion wiped out.
- Six US majors lost $97 billion in total
Decline in oil prices, coupled with coronavirus fears, sent indexes in the U.S. stock exchange this week to post their biggest weekly decline since the global financial crisis in 2008.
Thus, six major American oil firms saw their market capitalization decrease by a total of $97 billion from March 9, Monday through March 13, Friday.
ExxonMobil's stock price fell by $20.1 during that period and its market value lost $40.5 billion.
This was followed by Chevron, which lost $22.4 billion in market value as its stock price decreased by 12.5%.
ConocoPhillips saw its market value sink by $15.1 billion, while its share price fell by a massive $30.8%.
Among oilfield service companies, Halliburton's stock price plummeted a whopping 45.3% and its market capitalization decrease by $5.2 billion.
While Schlumberger's share price fell by 32.2%, its market value declined by $10.7 billion. Baker Hughes' stock price sank 20.8% and its market value lost $3.4 billion.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr