KATHMANDU: Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year, according to CNN Business report.
As per data from Refinitiv, the Saudi Arabian Oil Company is now worth about $2.43 trillion, compared to Apple’s $2.37 trillion.
Market capitalisations fluctuate frequently: earlier this year, Apple (AAPL) hit the $3 trillion mark, becoming the first to do so and making it by far the most valuable company on the planet.
The Saudi Arabian public petroleum and natural gas company based in Dhahran at one point also held that mantle after a historic initial public offering in 2019, which propelled its valuation to $2 trillion.
But the latest market moves point to how the outlook for energy and tech producers have shifted lately.
This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.
Brent crude, the global benchmark, has climbed about 36% so far this year, and was last trading at $106.2 a barrel.
That has buoyed players like Saudi Aramco, whose shares are up 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January.
The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers’ factories have been temporarily caught in the country’s Covid lockdowns.