Saudi Aramco goes past Apple Inc to become world's most valuable company

ANI
13 May 2022, 21:37 GMT+10

Jeddah [Saudi Arabia], May 13 (ANI): Oil magnate Saudi Aramco on Thursday overtook Apple Inc, to become the world's most valuable company due to the recent surge in oil prices.

Aramco is now worth about USD 2.43 trillion, compared with Apple's USD 2.37 trillion, CNN reported citing data from Refinitiv.

Market capitalizations fluctuate frequently as earlier this year, Apple (AAPL) hit the USD 3 trillion mark, to become the first company to do so and making it by far the most valuable company on the planet.

The latest market moves point to how the outlook for energy and tech producers has shifted lately, CNN said.

This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.

Brent crude prices have climbed by as high as 36 per cent this year and are still trading at over USD 106 a barrel.

Meanwhile, Apple's stock has fallen more than 17 per cent since January, the CNN report said.

The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers' factories have been temporarily caught in the country's COVID lockdowns.

Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns "the albatross for the June quarter," saying in a report that Apple's supply chain woes in China would likely remain the "peak worry" for investors in the short term. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.

More Information

27 ℃

Mostly Cloudy in Seletar

Hospitality

Section

Carnival Cruise passengers posts video of flooded rooms, hallways

MIAMI, Florida: Carnival Cruise Lines has said a cruise ship, the Carnival Sunshine, which sailed through rough seas off the ...

Jump in foreign arrivals to Ireland with 35% coming thru Britain

DUBLIN, Ireland: Ireland saw a 20.0 percent increase in people arriving from overseas in April 2023, compared to April 2022, ...

US Releases Video of Encounter With Chinese Warship Near Taiwan

The U.S. military Monday released a video of what it described as an "unsafe" Chinese maneuver in the Taiwan Strait ...

"We see bullying, coercion from China," US Defence Secy Austin in India

New Delhi [India], June 5 (ANI): Visiting United States Secretary of Defence Lloyd Austin on Monday said that the world ...

China issues pugnacious monologue at Shangri-La Dialogue

Hong Kong, June 5 (ANI): China and the US are far apart relationally, even though the Shangri-La Dialogue -organized by ...

Efforts undertaken to develop Ayodhya as world class religious tourism city: BJP MP Lallu Singh

Ayodhya (Uttar Pradesh), [India], June 5 (ANI): BJP MP from Ayodhya Lallu Singh said on Sunday that efforts are being ...

Travel and Tourism

Section