Saudi Aramco owns the world’s largest proven oil reserves among publicly traded companies.
Saudi Aramco, formally the Saudi Arabian Oil Company, is Saudi Arabia’s national oil company and one of the most valuable listed businesses in the world. Its reserves are concentrated mainly in Saudi Arabia, including the enormous Ghawar oil field.
The company was partially listed on the Saudi Exchange in December 2019. The initial public offering sold about 1.5% of the company, while the Saudi government retained overwhelming control. Because its valuation is closely tied to oil prices, production expectations, and energy demand, its position among the world’s highest-market-cap companies can change over time.
Saudi Aramco is often confused with major Western oil corporations. Unlike those companies, it controls much of Saudi Arabia’s national petroleum system, from exploration and production to refining and chemicals.