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.