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  • Saudi Aramco’s market cap hits $2.3tn after another record share rise

Saudi Aramco’s market cap hits $2.3tn after another record share rise

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03 Mar 2022 01:03:17 GMT9
03 Mar 2022 01:03:17 GMT9

Arab News

RIYADH: Shares in oil giant Aramco touched the highest level in its history of SR43.1 ($11.5) on Wednesday, propelled by a rally in the energy market.

This brought the oil giant’s market value to as much as $2.3 trillion, positioning it as the second-largest valued company worldwide after Apple Inc.

The shares have been trading at record levels for few times recently, breaking a new record every few days.

At 11:48 a.m., shares slightly retreated to SR42.85, having jumped 3.38 percent during the day.

Oil prices rose significantly ahead of the OPEC+ meeting –where the Organization of the Petroleum Exporting Countries members and its allies will convene to discuss oil output.

Brent crude topped $111 during Wednesday Trading, after settling at $105 a day earlier, and US benchmark WTI neared $110 per barrel as of 11:44 a.m. Saudi time.

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