• 714 days Will The ECB Continue To Hike Rates?
  • 715 days Forbes: Aramco Remains Largest Company In The Middle East
  • 716 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,116 days Could Crypto Overtake Traditional Investment?
  • 1,121 days Americans Still Quitting Jobs At Record Pace
  • 1,123 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,126 days Is The Dollar Too Strong?
  • 1,126 days Big Tech Disappoints Investors on Earnings Calls
  • 1,127 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,129 days China Is Quietly Trying To Distance Itself From Russia
  • 1,129 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,133 days Crypto Investors Won Big In 2021
  • 1,133 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,134 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,136 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,137 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,140 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,141 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,141 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,143 days Are NFTs About To Take Over Gaming?
China Approves Massive Coal Company Merger

China Approves Massive Coal Company Merger

China has approved the merger of two…

Natural Gas Demand Hits 25-Year Low

Natural Gas Demand Hits 25-Year Low

Natural gas prices near a…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Commodities
  3. Energy

Forbes: Aramco Remains Largest Company In The Middle East

Aramco

Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes list for the top 100 companies in the region.

With a market value of $2.1 trillion and sales of $604.4 billion, Aramco was an unsurprising winner of the top spot, with another 32 Saudi companies also on the top 100 list. This made Saudi Arabia the most represented country on the Forbes list.

Those also include SABIC, the industrial conglomerate, and Ma’aden, the Saudi state mining company. SABIC ranked at number two and Ma’aden was number 13 on the list.

 

Aramco reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023.

Yet the company’s earnings figure still beat a median analyst estimate of $30.8 billion compiled by Refinitiv.

Aramco’s average realized crude oil price dropped to $81 per barrel in the first quarter of 2023, down from $97.7 a barrel in the same period of 2022.

Capital expenditures rose to $8.746 billion from $7.583 billion, driven by higher spending on boosting Saudi Arabia’s maximum sustainable production capacity to 13 million barrels per day and the development of natural gas projects, Aramco said.

Meanwhile, however, Aramco is about to reduce output, after the Saudi Energy Minister Abdulaziz bin Salman announced an additional voluntary cut of 1 million bpd, to enter into effect from next month. This will bring the country’s oil output to some 9 million bpd.

The news of the cut sparked concern among buyers that the Saudis will not be able to deliver full contracted volumes but that concern was quenched by reports that the Saudi state oil company will supply full volumes in July despite the cut.

By Charles Kennedy via Oilprice.com

Back to homepage

Leave a comment

Leave a comment