Saudi Aramco became the most valuable company in the world and succeeded in displacing Apple, which previously occupied that position. The reason is because stocks and energy prices are rising, while stock sell-offs are taking place in several industries including technology.
Aramco’s market cap was about $2.43 trillion on Wednesday (11/5), surpassing Apple for the first time since 2020. The iPhone maker fell more than 5% during the trading day to be worth $2.37 trillion.
“This move is largely symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation and supply chain problems.” CNBCThursday (12/5/2022).
Stocks Saudi Aramco up more than 27% over 2022. In March, the oil giant reported that its 2021 profit had more than doubled due to soaring oil prices.
Saudi Aramco Profile
Saudi Aramco is a giant Arab state-owned oil company. Quoted from Economic Times, Aramco was first discovered by the Rockefeller family’s Standard Oil Company in 1938.
Initially the company was called the Arab American Oil Company and its crude oil production reached 500,00 barrels per day in 1949. Then in 1980, the Saudi government bought all the original shareholders and owned 100% of the company’s shares.
Eight years later, the Saudi Arabian Oil Co.Saudi Aramco) was officially established. The company’s large oil reserves guarantee prosperity in Saudi Arabia.
The government even became a leader in fact from the Organization of the Petroleum Exporting Countries (OPEC) and also controls movements in the world oil market. It has the world’s second-largest crude oil reserves and the world’s largest daily oil producer.
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