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

ANI
13 May 2022, 17:07 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 Manila Metro.

More Information

null in null

Asia Pacific

Section

Xi Jinping begins meetings with Community Party members

China's president hits the road to sell CPC's code of conduct

BEIJING, China -- The Communist Party of China has launched a four-month campaign to urge its around 100 million members to bolster...

China urges US to cancel "wrong practice" of reciprocal tariffs, restore mutual respect

Beijing [China], April 14 (ANI): China has called on the United States to correct its mistakes by 'completely cancelling' its tariffs,...

Europeans canceling trips to US FT

The country has seen a sharp fall in tourism from across the Atlantic amid political tensions, Financial Times has reported The US...

Govt is open to unconditional dialogue: Chhattisgarh Deputy CM on Naxalism

Raipur (Chhattisgarh) [India], April 13 (ANI): Chhattisgarh Deputy Chief Minister Vijay Sharma stated that the BJP-led state government...

Nepal's deposed king signs hope of political change in upcoming year, issues video statement on New Year eve

Kathmandu [Nepal], April 13 (ANI): Nepal's deposed King Gyanendra Shah has released a video message expressing hope that the country...

Taiwan's ruling party expels former assistant of foreign minister over alleged Chinese espionage ties

Taipei [Taiwan], April 13 (ANI): Taiwan's ruling Democratic Progressive Party (DPP) on Sunday expelled Ho Jen-chieh, a former assistant...

International

Section