• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Even Shell Agrees with Climate Change!
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 9 days America should go after China but it should be done in a wise way.
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
New Tech Enhances Safety and Performance of Lithium Ion Batteries

New Tech Enhances Safety and Performance of Lithium Ion Batteries

Researchers at Incheon National University…

Oil Markets Await the Next OPEC+ Announcement

Oil Markets Await the Next OPEC+ Announcement

Oil prices remained rangebound in…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Apple Overtakes Saudi Aramco As The World’s Most Valuable Company

It is a time for market shakeups. On Friday, tech giant Apple unseated oil giant Saudi Aramco as the world’s most valuable company.

Earlier in the week, the market saw Reliance Industries unseat the world’s second-most valuable energy company, ExxonMobil. Reliance’s upward move can be attributed to Google’s investment in Reliance’s Jio Platforms—a digital services segment of Reliance.

Tech is reveling in the coronavirus, smoothly transitioning workers to remote work and a magnet for those looking to sink money into “stay at home” stocks. Not so for the oil industry, which has struggled on multiple fronts, including an excess of oil and crashing demand.

Apple’s stock did well on Friday after a tremendous Q2 report, and its market cap rose to $1.8 trillion.

Meanwhile, Exxon’s earnings report—the second-largest energy company after Aramco--was anything but great, with rumors that Exxon is planning some significant cuts to jobs and spending so it can keep kicking out that beloved dividend

Aramco’s Q2 report will not be available until August 9, and it will be a reflection of the overall state of the oil market in Q2—in other words, it isn’t going to be pretty. Aramco’s Q1 profit fell 25%, and that was well before the coronavirus infiltrated the world and created widespread lockdowns. In fact, oil prices were only really low during the last few weeks of Q1.

But in March, Aramco lowered its April OSP. In April, it lowered May’s OSP; each cut another blow to the world’s largest oil producer. It wasn’t until May when Aramco boosted its next-month OSP—the last month of the quarter.

This will likely result in Aramco’s Q2 revenue coming in south of $40 billion, compared to $75 billion this time last year. Compare that to Apple’s nearly $60 billion in revenue for the quarter, and you have a new king of the hill.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • John Di Laccii on August 02 2020 said:
    As lower the value of Aramco is as weaker the Islam is. All their religious madness is running on petrodollars. Without them we would talk about a Wodoo cult of death and followers of devil. This way with petrodollars, we are talking about "religion of peace".

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News