• 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 The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Biden Administration's SPR Plans Derailed by Oil Price Surge

Biden Administration's SPR Plans Derailed by Oil Price Surge

The Biden Administration cancels planned…

Saudi Arabia’s Oil Company Slips To World’s 3rd Largest Company

Saudi Arabia’s state-run oil giant, Saudi Aramco, is now the world’s third-largest company by market capitalization, according to the companiesmarketcap.com list.

Aramco, with a market cap of $1.903 trillion, slid to the number three position behind Apple ($2.413T) and Microsoft ($1.920T).

Just two months ago, in mid-December, Aramco held the Number two position with a market cap of $1.81T, behind only Apple. And before that, In May of last year, Aramco was sitting at the top of the list with a $2.38 trillion market cap.

Al Rajhi Capital said in a January report that Aramco’s net profit in Q4 2022 was expected to decline 6.3% from the previous quarter, to $38.90 billion due to a weak demand outlook stemming from a global economic slowdown.

But while Aramco’s market cap has been slipping, the company is anticipating China’s reopening to trigger a pick up in jet fuel demand and crude oil demand, CEO Amin Nasser said in a Bloomberg interview last month. “We are very optimistic in terms of demand coming back to the market,” Nasser said at the time.

Aramco isn’t the only one sharing a rosy outlook for global oil demand, with OPEC remaining “cautiously optimistic”.

Aramco’s Nasser lashed out last week against the ESG trends that were hampering investments into the oil and gas sector.

“As far as the future of capital markets is concerned, ESG is clearly a rising trend. And in my view, an increased emphasis on ESG is a move in the right direction,” Nasser said last week, adding that if ESG-driven policies are implemented with a bias toward fossil fuel projects, the underinvestments would have serious ramifications with regard to energy security and affordability.


By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Richard Houghton on February 23 2023 said:
    There is an error in the first sentence:

    “Saudi Arabia’s state-run oil giant, Saudi Arabia, is now the world’s third-largest company….”

    Should be:
    “Saudi Arabia’s state-run oil giant, Saudi Aramco, is now the world’s third-largest company….”

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