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Saudi Aramco Overtakes Apple To Become World’s Most Valuable Company
A picture taken on November 3, 2019 shows Saudi Arabia's Aramco displayed on a stock board at the Saudi Stock Exchange (Tadawul) in Riyadh. (Fayez Nureldine/AFP via Getty Images)

Saudi Aramco Overtakes Apple To Become World’s Most Valuable Company

Saudi Aramco has become the world’s most valuable company, worth $2.42 trillion at the close of market trading on Wednesday. The Saudi Arabian national petroleum and natural gas company overtook Apple following a surge in oil prices due to supply disruptions from the Russo-Ukraine war. Apple was valued at $2.37 trillion when official trading ended on Wednesday. Saudi Aramco’s shares are up 27% so far this year, and Apple’s stock has fallen more than 17% since January. Saudi Aramco has been under pressure to raise its output of crude oil as Russia’s invasion of Ukraine and subsequent sanctions against Moscow have wreaked havoc with global energy markets. Saudi Aramco first became the most valuable publicly listed company when it debuted on the market with an IPO, or initial public offering, in 2019; Apple overtook the oil and gas company in July 2020. Apple hit $3 trillion for the first time in January. Meanwhile, Saudi Aramco’s shares, which are listed in Riyadh, have risen 28% since the start of this year. The company is expected to announce major profits when it reports first-quarter earnings on Sunday.

Give the Gift of Truth This Jewish New Year

The Media Line has been leading for more than twenty years in pioneering the American independent news agency in the Middle East, arguably the first in the region. We have always stayed true to our mission: to provide you with contextual sourced and trustworthy news. In an age of fake news masquerading as journalism, The Media Line plays a crucial role in providing fact-based news that deserves your support.

We're proud of the dozens of young students we've trained in our Press and Policy Student Program who will form the vanguard of the next generation of journalists to the benefit of countless millions of news readers.

Non-profit news needs public support. please help us with your generous contributions.
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