Aramco touches $2 trln, in sight of Apple’s place as world’s most valuable company
Saudi Aramco is close to claiming the prized position of the world’s most valuable company from Apple Inc.
The Saudi state oil giant has soared on the back of higher energy prices, bringing its market value to $2 trillion, just shy of Apple at $2.3 trillion.
For the latest headlines, follow our Google News channel online or via the app.
The share prices of the two corporate giants are symbolic of how the global economy is changing this year.
Apple shares have suffered as consumers rein in spending on home entertainment and get back into the world.
All that transportation activity has sparked a boom in oil prices that feeds directly to Aramco’s bottom line.
There’s reason to believe that Aramco could continue climbing. Bank of America Corp. analysts have said the global energy crunch could help propel oil prices above $100 a barrel for the first time since 2014.
At the same time, Apple is coming under pressure as investors turn cautious on expensive tech stocks amid rising bond yields.
- Oil price hits multi-year high on OPEC+ restraint amid tightening energy supplies
- Natural gas price spikes 25 percent on soaring demand
- Saudi Aramco to complete 1 mln bpd oil capacity expansion by 2027: CEO
- Aramco, Air Products, ACWA sign $12 bln deal for energy venture in Jazan
- Aramco signs 22 MoUs, one JV in major expansion of its industrial investment program
- Saudi Aramco eyes big percentage share of hydrogen market
- Saudi Aramco looking for more deals to offer to investors, says CEO
- Apple’s new iPhone to take longer to reach customers: Analysts
- Apple to release new watch on Oct. 15 following production snags