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Aramco Rides Higher Oil Prices to Nearly $88B in 2022 Earnings
Saudi Oil Profits Jump 90%

Saudi Oil Profits Jump 90%

Big quarter means government is more flush with cash

(Newser) - Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay...

Most Valuable Company on the Planet Isn't American Anymore

Apple is replaced by Saudi Arabia's Aramco

(Newser) - Two years ago, Apple passed Saudi energy giant Aramco to become the world's most valuable company. But with the ongoing rout of tech stocks, Aramco has just reclaimed the symbolic title, reports the BBC . Apple is currently valued at $2.3 trillion, and Aramco at $2.4 trillion. Don'...

This Will Be the Biggest IPO in History

Saudi oil company sets sale at 3 billion shares for $8.53 each

(Newser) - Saudi Aramco's pricing for its initial public offering gives the oil company a valuation that—at $1.7 trillion—falls short of the $2 trillion that Crown Prince Mohammed bin Salman hoped for. But selling 3 billion shares at $8.53 apiece would still bring in $25.6 billion,...

Saudi Prince's Plan: End Kingdom's 'Oil Addiction'

Prince Mohammed bin Salman wants to boost global investment, get away from reliance on oil

(Newser) - Saudi Arabia's 30-year-old deputy crown prince is looking toward the future with his new "Vision 2030" plan—a plan that includes pulling the kingdom out of its overreliance on oil and leaning more on non-oil investment to transform it into a global power, Reuters reports. "We will...

US Fears Rising Iranian Cyberattacks

Officials believe Iran was behind recent attacks

(Newser) - The US believes that Iran was behind an Aug. 15 cyberattack on Saudi Aramco, Saudi Arabia's state-owned oil company and the world's most valuable firm, and that it was retaliation against the US for unleashing the Stuxnet virus on an Iranian nuclear facility in 2010, the New York ...

Sky-High Oil Will Reshape World Power, Dent US Clout

Power shifts as global economies change

(Newser) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power...

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