Aramco, Saudi Arabia’s Oil Company, Approaches $2T in Value as Energy Prices Skyrocket
- Date: 06-Oct-2021
- Source: Newsweek
- Sector:Oil & Gas
- Country:Saudi Arabia
Aramco, Saudi Arabia’s Oil Company, Approaches $2T in Value as Energy Prices Skyrocket
Aramco, Saudia Arabia's oil company, is fast approaching $2 trillion in value as energy prices skyrocket and economies recover from the lockdowns imposed last year during the coronavirus pandemic, the Associated Press reported.
On Wednesday, Aramco hit $2 trillion in market capitalization during the day but closed at $1.99 trillion, or 37.3 riyals ($9.95) a share.
The company's valuation rise to just below the crown prince's $2 trillion goal was helped by increased demand for energy and a rise in oil prices, the AP said. Brent crude oil prices are around $82 a barrel, the highest in seven years.