The company announced this over the weekend. Like other industry representatives, Aramco is also benefiting from record high oil prices against the background of the Ukraine war.
However, Aramco is also benefiting from increased production in contrast to many peers in the industry. Most oil companies are trying to reduce their greenhouse gas emissions and turn to alternative energies. Aramco, on the other hand, is investing heavily to increase oil production by 1 million barrels per day to 13 million barrels a day by 2027.
Just last week, Aramco snatched the crown of the company with the world’s highest market capitalization from Apple, also because of the currently poor mood on the stock market for technology stocks. The Saudi Arabian company’s share price has shot up by almost a third since the beginning of the year.
Apple, on the other hand, is almost a fifth cheaper. Technology stocks are currently suffering from rising interest rates worldwide, as companies in this sector are usually particularly heavily indebted.