Saudi Arabian national petroleum and natural gas company ‘Saudi Aramco’ has become the world's most valuable company after its worth reached about $2.43 trillion.
The oil giant’s worth increased due to the recent surge in oil prices that have boosted the energy giant and stocks this year. The Brent crude, the global benchmark, has climbed about 36% so far this year. Its net profit surged 124% last year to $110.0 billion compared to $49.0 billion in 2020.
Now, the company’s worth has overtaken Apple's worth of about $2.37 trillion.
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. Since January of this year, Apple's stock has fallen more than 17%.
Apple warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.
Inflation could cause a drop in consumption, reducing demand for oil, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises, and supply chain woes.