Aramco Is Fast Closing In for Top Market Cap Spot

Aramco Is Fast Closing In for Top Market Cap Spot
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Aramco Is Fast Closing In for Top Market Cap Spot

Aramco Is Fast Closing In for Top Market Cap Spot

Oil giant Saudi Aramco is narrowing the gap with Apple Inc. for the title of the world’s most valuable company.

Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization of over $2.3 trillion, Bloomberg reported.

Shares in iPhone maker Apple, meanwhile, have fallen 9% this year amid a broad market selloff, reducing its market value to about $2.6 trillion.

Though Aramco is still more than 10% away from reclaiming the top spot, the continued surge in energy prices as countries impose sanctions on Russia’s oil has raised the possibility.

“Everybody wants to stick to commodities,” said Mazen al-Sudairi, Al Rajhi Capital’s Head of Research.

With oil at $130 a barrel, Aramco’s earnings -- due later this month -- are set to get a big boost, giving the oil giant room to increase its dividend, Bloomberg quoted him as saying.



UK's Energean Suspends Production Offshore Northern Israel

FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
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UK's Energean Suspends Production Offshore Northern Israel

FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
FILE PHOTO: London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo

British gas producer Energean said on Friday it has temporarily suspended the production and activities of its power floating production storage and offloading (FPSO) located offshore Northern Israel due to the geopolitical escalation in the Middle East.

Israel launched widescale strikes against Iran on Friday, prompting a retaliation from Iran.

The company, which has operations in Israel, Egypt, and European countries, said it got a notice from Israel's Ministry of Energy and Infrastructure ordering the suspension.

"All production activities have now been temporarily suspended and notices have been issued to Energean's customers and other stakeholders," Reuters quoted the company as saying in a statement.

A spokesperson for Energean said the power FPSO contributes a "significant" amount to the group's total output.

Shares in Energean were down 6.9% at 0808 GMT.