Saudi Aramco was the first listed company from the Middle East to exceed a $2 trillion market capitalization.
The Saudi Arabian oil company reached that level on its second day of trading on the Saudi Stock Exchange in December 2019. Its initial public offering was one of the largest ever, and the listing made a portion of the state-owned energy giant available to public investors.
Saudi Aramco’s valuation was closely tied to its enormous oil reserves, production capacity, profitability, and strategic importance to Saudi Arabia. The company remains majority owned by the Saudi government, so its public float is smaller than its total ownership base.
The $2 trillion figure was an equity-market valuation, not an estimate of the value of all oil still underground. Oil prices, production decisions, company profits, and investor sentiment can all affect the company’s market capitalization.