Saudi Aramco, majority-owned by Saudi Arabia, is the world’s largest oil producer by daily crude-oil production.
Saudi Aramco’s roots reach back to the discovery of commercial oil in Saudi Arabia in the 1930s. The company began as the Arabian American Oil Company, or Aramco, before Saudi Arabia gradually acquired ownership and completed nationalization in 1980.
Its formal name is Saudi Arabian Oil Company. The business explores for, produces, processes, transports, and markets hydrocarbons, while also operating major refining and petrochemical interests. Saudi Aramco’s enormous reserves and production capacity make it one of the most important companies in global energy markets.
The company listed shares on the Saudi Stock Exchange, Tadawul, in 2019. Its market capitalization can move with oil prices, production expectations, earnings, and the valuation of its publicly traded shares. Saudi Aramco should not be confused with the private oil reserves of the Saudi state as a whole.