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Aramco closes in on Apple, Microsoft as pricey oil lifts valuation

Saudi oil major climbs back to crown prince's target of $2tn

Saudi Aramco's Ras Tanura oil refinery and terminal. The state-owned company plans to increase output capacity by 1 million barrels a day by 2027 despite the global decarbonization movement.   © Reuters

DUBAI/TOKYO -- Saudi Aramco's market capitalization has topped the $2 trillion mark in October on the back of surging prices for crude oil and natural gas, rapidly approaching top-ranked Apple's $2.3 trillion.

The company now ranks third in the world by market capitalization, also behind Microsoft's roughly $2.2 trillion. This marks the first time that the state-owned oil giant recovered to above the $2 trillion target, set by de facto Saudi leader Crown Prince Mohammad bin Salman, since right after the initial public offering in 2019.

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