Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion as the market capitalizations fluctuate frequently making it by far the most valuable company on the planet.
A Saudi Arabian public petroleum company, Saudi Aramco has become the most valuable company in the world – a record previously held by American company, Apple, underscoring the recent surge in oil prices that have boosted the energy giant this year.
The Dharan-based petroleum and natural gas company is the official Saudi Arabian Oil Company and one of the largest companies in the world by revenue.
According to data from Refinitiv, Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion as the market capitalizations fluctuate frequently making it by far the most valuable company on the planet.
Aramco at one point also held that mantle after a historic initial public offering in 2019, which propelled its valuation to $2 trillion. But the latest market moves point to how the outlook for energy and tech producers have shifted lately.
With the oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine, players like Saudi Aramco, whose shares are up 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January. The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers’ factories have been temporarily caught in the country’s Covid lockdowns.
Apple, last month warned of huge losses related to the ongoing situation, saying that production and logistics issues could hit its sales by as much as $4 billion to $8 billion this quarter.
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