Saudi Aramco remains at all-time high

Logo of Saudi Aramco

Shares of Saudi Arabian Oil Co. (Saudi Aramco) hit their highest level since listing, at SAR 45 today, March 3.

The stock closed 3% higher at SAR 44.30, reaching a new all-time high, with nearly 32 million shares being traded.

Accordingly, Saudi Aramco’s market capitalization reached nearly SAR 9 trillion ($2.4 trillion).

Oil prices exceeded $119 a barrel, as buyers tend to avoid Russian oil in response to its invasion of Ukraine.

Meanwhile, OPEC+ maintains its output policy despite the sharp increase in prices.

Aramco was established in Saudi Arabia by a royal decree on Nov. 13, 1988. The company is fully-owned by the Saudi government with a paid-up capital of SAR 60 billion, divided into 200 billion ordinary shares without face value.

The company was listed on the Saudi market in December 2019.

Aramco’s primary objectives encompass all aspects of energy-related activities, including hydrocarbons, chemicals and other related and complementary industries, or any other activity within or outside Saudi Arabia.