7 october 2021, 10:09

Saudi Aramco soars to $2 trillion, ranks 3rd behind Apple and Microsoft

The oil giant has been gaining steam thanks to higher energy prices and a supply shortage

Source: Saudi Aramco Press Office

Riyadh, October 7 - Neftegaz.RU.Saudi’s state-owned oil company Saudi Aramco reached a valuation of $2 trillion during trading hours on October 6.
At the same time, US computer giants Apple and Microsoft were valued at more than $2.3 trillion and more than $2.1 trillion, respectively.

Aramco reached the milestone as crude oil prices climb to more than $82 a barrel, the highest in 7 years.

Global energy prices have been booming amid a supply shortage in part caused by loosening COVID-19 restrictions in some countries.

The energy crisis continues to worsen, and there is no immediate relief in sight, analysts say.

Bank of America analysts estimated prices could reach more than $100 per barrel for the 1^st time in 7 years, Bloomberg reported, noting that the rising prices add to Saudi Aramco's bottom line.

Saudi Aramco CEO Amin Nasser said his company is working on increasing its crude production capacity even as investments in the oil industry is falling down and the company is challenged with reducing carbon emissions.

The Saudi government owns 98% of Saudi Aramco, and the rest is available on the Saudi stock exchange.

#saudi aramco #apple #microsoft #saudi arabia

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