Saudi Aramco hits $2 trillion valuation on back of higher oil prices

Saudi Aramco hits $2 trillion valuation on back of higher oil prices

Demand for energy is picking up, despite the ongoing coronavirus pandemic’s continued toll on travel and other key gas-guzzling sectors.





Associated Press









October 06, 2021 / 04:40 PM IST





Saudi Aramco (Reuters)



Saudi Arabia’s oil company Aramco reached a $2 trillion valuation as it hit near record levels Wednesday during trading hours.

Its market cap value puts Aramco just behind Microsoft and Apple as the world’s most valuable company.

It comes as crude oil prices climb to over $82 a barrel, the highest in seven years.

Demand for energy is picking up, despite the ongoing coronavirus pandemic’s continued toll on travel and other key gas-guzzling sectors.

Aramco is mostly owned by the government of Saudi Arabia, with just under 2 percent of the company publicly listed on the Saudi Tadawul stock exchange.

Aramco was trading at around 37.6 riyals a share, or a few cents over $10 a share, by midday Wednesday before dipping to 37.2 riyals a share, or around $9.92 a share. It remains to be seen whether it can hold this rally until trading closes.

Saudi Crown Prince Mohammed bin Salman was the architect behind the effort to publicly list a sliver of Aramco in late 2019,