The Strategist

Saudi Aramco becomes the world's most profitable company amid energy shortages

11/01/2021 - 02:53

Saudi Aramco has overtaken Apple to become the world's most profitable company. Revenues at one of the largest oil exporters have more than doubled following the rise in oil prices caused by global energy shortages.

Saudi Aramco, the Saudi state-owned oil company, presented its accounts for the third quarter of 2021. The company's profit more than doubled and reached 114.1 billion riyals ($30.4 billion) against 44.2 billion riyals a year earlier, Bloomberg informs.

Thus, Saudi Aramco managed to overtake Apple and once again become the most profitable company in the world, the agency said. The value of the oil exporter's shares after the publication of reports, according to its data, jumped by 1.5% to 38.3 riyals per share.

Saudi Aramco's earnings increased following a rise in the price of oil, the value of which rose 65 percent over the year to more than $80 a barrel, Bloomberg wrote. The price of crude oil is rising because of tight supply and increased demand for fuel as the world economy recovers from the pandemic, the agency said. The prices are also affected by growing demand amid a global shortage of coal and gas and the reorientation of production to the still less expensive fuel oil and diesel.