Saudi Aramco owns the world’s largest publicly traded oil reserves and became the largest company on the Saudi Exchange after its IPO.
Saudi Aramco manages Saudi Arabia’s enormous hydrocarbon resources and reported more than 250 billion barrels of proved oil reserves in company disclosures. Its scale, production capacity, and low extraction costs have made it one of the world’s most valuable energy businesses.
The company’s modern history began with the discovery of commercial oil at Dammam in 1938. It was originally associated with the Arabian American Oil Company, but the Saudi government gradually acquired ownership, completing full control in 1980. The company later listed a portion of its shares in Riyadh in 2019.
Reserve totals and market capitalization are different concepts. Reserves describe recoverable resources, while market capitalization reflects the stock-market value of all shares. Oil prices, production policy, dividends, and investor expectations can change Aramco’s valuation even when its reserves do not change by the same amount.