What happened to the Saudi stock market crash? Why did the Saudi stock market plummet?

The Saudi stock market, which also traded on Sunday, plunged 7% during intraday trading, and even Saudi Aramco fell below its IPO price. In addition to the stock market, the sharp fluctuations in the commodity market, especially oil prices, are also worrying. What is even more worrying is that concerns about the resurgence of an oil price war are escalating.

Oil price war re-emerges?

As the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries led by Russia failed to reach an agreement on crude oil production policy after the end of March this year on the 6th, international oil prices fell in panic. As of the close of the market on the 6th, the price of light crude oil futures for delivery in April on the New York Mercantile Exchange fell by $4.62 to close at $41.28 per barrel, a drop of 10.07%. London Brent crude futures for May delivery fell $4.72, or 9.44%, to settle at $45.27 a barrel.
A document exposed by overseas media shows the first marketing decision announced by Saudi Aramco, the Saudi state-owned oil company, after the OPEC conference. The declaration document shows:
Crude oil prices for April sales to Asia were reduced by $4-6 per barrel

Crude oil prices for April sales to the U.S. dropped by $7 per barrel
Saudi Arabia's decision also reminded the market of the oil price war a few years ago. In November 2014, Saudi Arabia, regardless of its role as an oil market balancer, increased production dramatically in an attempt to use low oil prices to resist U.S. shale oil. Brent crude oil prices then plummeted, falling to the $25 level in late 2015 and early 2016. However, shale oil "survived" and OPEC was forced to persuade Russia to implement production cuts. To this day, the crude oil world is still "paying the price" for Saudi Arabia's decision.
Some analysts said that six years later, Saudi Arabia seems to have started an oil price war again. However, the target this time is Russia. Saudi Arabia's deterrence strategy is designed to inflict maximum pain on Russia, the United States and other oil-producing countries as quickly as possible in order to force them to return to the negotiating table, and then quickly reverse the strategy and start cutting production once all parties reach an agreement.
Saudi Aramco’s IPO price fell below its IPO price. When will the bear market in oil prices end?
Iranian Oil Minister Zanganeh once said that Saudi Arabia's influence on oil prices will exceed that of any other country. Today, this statement seems to have been "fulfilled" in the financial market.
Due to the combined influence of multiple factors, Middle Eastern stock markets fell first this week. On the 8th, almost all the stock markets in the Middle East that were being traded fell. Among them, the Israeli stock benchmark index fell more than 4.5% during the session, the biggest drop in nearly 14 months. The Saudi stock market's benchmark index fell more than 7% during the session, the Abu Dhabi ADX index fell 5.78%, and the Cairo EGX30 index and the Doha stock index both fell more than 3%.

It is worth noting that Saudi Aramco’s share price fell by more than 6% during the trading session and fell below the issue price.
If crude averages $70 a barrel over the next four years, the extra $18 billion in free cash flow would translate into additional annual dividend payments of $30 billion, Bank of America Merrill Lynch said. This means that Saudi Aramco is hinting to international investors that the total dividends distributed to investors by the company each year may exceed US$100 billion.
There are also reports that Saudi Aramco is in talks with several Wall Street banking institutions regarding a secondary listing and is inclined to choose to list on one of the many exchanges in Asia.