Saudi Aramco is the Saudi company partially privatized in 2019 that operates the world’s largest oil company by proven crude-oil reserves.
Formally known as Saudi Arabian Oil Company, Aramco developed from the oil concession granted to Standard Oil of California in 1933. Commercial production began at Dammam Well No. 7 in 1938, and the Saudi government gradually increased its ownership until taking full control in 1980.
Aramco listed shares on the Saudi Exchange in December 2019. The initial public offering was one of the largest in history and made a small portion of the company available to public investors. The Saudi government remains its dominant shareholder.
Aramco is often discussed alongside the world’s largest companies by market capitalization, although rankings change with share prices, exchange rates, and oil-market expectations. Its business includes exploration, production, refining, chemicals, and energy logistics—not only crude-oil extraction.