Saudi Aramco closes near $2T valuation as oil prices rally

By AYA BATRAWY
Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil company Aramco closed just shy of a $2 trillion valuation the kingdom’s crown prince has long sought. Aramco’s market cap is being buoyed by high oil prices and increased demand for energy as economies recover from last year’s pandemic lockdowns. Aramco touched the $2 trillion mark moment during the day, but ultimately closed at $1.99 trillion. It hasn’t reached this peak in trading since December 2019, days after the company’s debut on the Saudi stock exchange. Aramco now ranks third behind Microsoft and Apple as the world’s most valuable company, far exceeding the combined value of some of the world’s biggest oil companies.