Aramco Saudi Arabia S Oil Company Approaches 2T In Value As Energy Prices Skyrocket
On Wednesday, Aramco hit $2 trillion in market capitalization during the day but closed at $1.99 trillion, or 37.3 riyals ($9.95) a share. The company’s valuation rise to just below the crown prince’s $2 trillion goal was helped by increased demand for energy and a rise in oil prices, the AP said. Brent crude oil prices are around $82 a barrel, the highest in seven years. Although the ongoing pandemic is still affecting travel and other gasoline-reliant industries, demand for energy has increased significantly from last year, further pushing up Aramco’s valuation....