The Saudi Arabian National Petroleum and Natural Gas Company (Saudi Aramco) has overtaken Apple as the world’s most valuable company. Aramco, the world’s largest oil producer, was valued at $ 2.42 trillion on Wednesday, May 11.
Saudi Aramco was supported by higher oil prices and rising demand. Aramco’s revenue has grown from $ 49.0 billion in 2020 to $ 110 billion in 2021.
Although the first place is vacant, Apple is just behind in value. Apple has a market value of $ 2.37 trillion. Apple’s current value is reflected in stock price fluctuations.
Apple explained that disruptions related to silicon shortages and the Kovid crisis had led to a shortage of product availability and a setback to the company’s market value. If oil prices continue to soar, Aramco could remain the world’s most valuable company.