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

Published October 6, 2021 5:34 AM

By AYA BATRAWY
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil company Aramco reached a $2 trillion valuation as it hit near record levels 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 was trading around 37.6 riyals a share, or a few cents over $10 a share, by midday Wednesday. It remains to be seen whether Aramco can hold onto the rally until trading closes.

Article Topic Follows: AP National News

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