The Magazine for Asian Investors
Saudi Aramco Company the major oil company of Saudi Arabia, has become the most valuable company in the world. As of Wednesday, May 11, Saudi Aramco’s market capitalization stood at $2.43 trillion.
Saudi Aramco has benefited from the rise in global oil prices. WTI crude futures rose $5.95, or 6%, last night to close at $105.71 per barrel.
Saudi Aramco shares are up more than 27% since the start of 2022. The company more than doubled its profit in fiscal 2021 due to rising oil prices.