The international oil majors had amassed $329.851 million in profits since the start of Russia’s invasion of Ukraine from February 24 to March 8. However, from that date to this Tuesday, they have erased 408,331 million dollars together from nine large companies.
Oil prices peaked on March 8 and have since fallen more than 20%, which has also affected oil company shares.
The biggest loss in a week is led by the giant Saudi Aramco, with a drop of 13.12% to trade at 38.75 riyals per share, subtracting 315.715 million dollars from its capitalization, which is 2.09 billion dollars.
The second largest fall is for Exxon Mobil, the US oil company, which has lost 12.03% in its shares in one week, with 44,706 million dollars less in its market value of 326,916 million on the New York Stock Exchange.
Chevron, also listed on Wall Street, is down 7.18% since March 8, trading at $158.28.
In Europe, the Spanish oil company Repsol has fallen 6.32%, the Dutch oil company Royal Dutch Shell has lost 5.59%, the Italian Eni has fallen 5.46% and BP has fallen 5% on the London Stock Exchange.
The Brazilian oil company, Petrobras, has lost 4.19% and only the French TotalEnergies remains resilient and gains a slight 0.04 percent.
Ana Azuara, Raw Materials analyst at Banco Base, commented that although oil prices and oil company shares have been falling in the last week, “I don’t think it’s a downward trend, volatility will continue and any news could come back.” prices up.”
The analyst added that “regardless of whether the war ends, prices are still very high, and these values are not going to return to the levels they had in 2019. We are going to have to get used to having high prices.”