Shares in Saudi Aramco ( 2222.SE ) plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month. Aramco was trading at 27 riyals ($7.20), 15.6% below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering. Saudi stocks also fell 9.11% in early trade. Benchmark Brent LCOc1 crude fell as much as a third following Riyadh’s move after Russia balked at making a further steep output cut proposed by OPEC to stabilise oil markets hit by worry over the economic impact of the coronavirus. […]