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Oil, more valuable than IT. Saudi Aramco has become the most valuable company in the world, surpassing Apple

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The stock market capitalization of Saudi Arabia’s oil company Saudi Aramco has surpassed that of the US corporation Apple, making Saudi Aramco the most valuable company on the planet, Bloomberg reported on Wednesday. According to the news agency, the market capitalization of the Arab national oil company was $ 2.43 trillion, while Apple’s market capitalization was $ 2.41 trillion.

At the beginning of the year, Apple became the first company in history to exceed a market capitalization of $ 3 trillion, but that figure has dropped significantly since then.

The decline in the value of technology stocks (including Apple) in 2022 was compounded by fears of rising inflation and the promotion of a more aggressive US Federal Reserve policy, according to Bloomberg. Supply chain restrictions have also played an important role, the agency said.

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