Saudi Aramco is Saudi Arabia's state-controlled oil company and one of the world's largest integrated petroleum companies by production.
The company's history traces back to a 1933 concession granted to Standard Oil of California. Oil was discovered commercially at Dammam Well No. 7 in 1938, and the company later became known as Aramco. Saudi Arabia gradually acquired ownership before completing nationalization in 1980. Aramco became a public company when a portion of its shares was listed on Saudi Arabia's Tadawul exchange in 2019.
Because of its enormous reserves, production, and profitability, Saudi Aramco has often appeared among the world's companies with the greatest market values. Its shares are primarily traded in Riyadh, rather than on the New York Stock Exchange. Aramco is sometimes confused with OPEC, but OPEC is an intergovernmental organization; Saudi Aramco is a corporation that produces, refines, transports, and sells energy products.