Is Aramco bigger than Apple?

Is Aramco bigger than Apple? – In May 2022, Saudi Aramco overtook Apple to become the world’s most valuable business. According to Refinitiv data, Aramco is currently worth approximately $2.43 trillion, compared to Apple’s $2.37 trillion.

This comes after higher oil prices lifted shares of the world’s largest petroleum exporter to all-time highs, while a broader tech stock sell-off weighs on Apple.

Oil prices climbed to record highs in May 2022, fueled by concerns about supply interruptions from Russia following its invasion of Ukraine, which boosted participants such as Saudi Aramco, whose shares increased by 27%.

Aramco is currently the world’s largest firm by sales and has consistently produced the highest annual profits in global corporate history.

Aramco has the world’s second-largest proven crude oil reserves, with about 270 billion barrels (43 billion cubic metres), as well as the highest daily oil production of any oil-producing company.

Aramco intends to become a significant global producer of liquefied natural gas (LNG).

An Indian customer purchased its first cargo of LNG from Singapore.

To reach its goal in the LNG industry, the company is exploring possible joint ventures and partnerships around the world.

Source: abtc.ng