Saudi Arabia’s oil company Aramco closed just shy of a $2 trillion valuation the kingdom’s crown prince has long sought. Aramco's market cap is being buoyed by high oil prices and increased demand for energy as economies recover from pandemic lockdowns.
FILE - In this Dec. 11, 2019, file photo, Saudi stock market officials watch the stock market screen displaying Saudi Arabia's state-owned oil company Aramco after the debut of Aramco's initial public offering on the Riyadh's stock market in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco reached a $2 trillion valuation as it hit near record levels on Wednesday, Oct. 6, 2021, during trading hours.
Aramco touched the $2 trillion market cap moment during the day, but ultimately closed at $1.99 trillion, or what is 37.3 riyals a share. It hasn’t reached this peak in trading since December 2019, days after theAramco now ranks third behind Microsoft and Apple as the world’s most valuable company, far exceeding the combined value of some of the world’s biggest oil companies.
Ultimately, the crown prince is aiming to diversify the Saudi economy away from its reliance on oil for revenue as talk of energy transition, climate change concerns and sustainability take on increasingly urgent global attention. “We are satisfied that the worst is over,” OPEC Secretary-General Mohammed Barkindo said Wednesday during the virtual Energy Intelligence Forum.
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