Saudi Arabia’s state-run oil firm Aramco is the most profitable company in the world beating Apple, Microsoft, Google’s parent company Alphabet, and Tesla by a large margin. Its profit in pre-tax income stands at $247.43 billion while Apple is at $114.3 billion. Here, we are talking only about profits pre-tax income and not market cap as a whole. When it comes to market cap, Apple takes the top spot with $3.346 trillion while Aramco is at $1.788 trillion.
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That being said, Saudi Arabia’s Aramco is also miles ahead of its competitors in the global oil sector. American oil giants are nowhere close to Aramco’s reserves as it is four times bigger than six US oil companies combined. In this article, we will highlight how much oil reserves Saudi Arabia’s Aramco boasts in the global sector.
Saudi Arabia’s Aramco: The Global Oil Leader
Saudi Arabia’s Aramco holds 259 billion barrels worth of oil and gas reserves in 2024. The massive reserves are unmatched by any country or company making Aramco an undisputed king in the oil sector. Below are the top seven companies with reserves worth billions of barrels of oil equivalent.
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- Saudi Arabia’s Aramco – 258.8 billion
- ExxonMobil – 17.7 billion
- Chevron – 11.2 billion
- Total Energies – 10.2 billion
- Shell – 9.6 billion
- BP – 7.2 billion
- Eni – 6.6 billion
Therefore, Aramco is four times bigger than all six oil companies combined. Aramco has generated profits worth $722 billion between 2016 and 2023. Aramco remains the top profit generator in the Kingdom and is among the most valuable companies in the world.
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Apart from oil, Saudi Arabia’s Crown Prince Mohammed Bin Salman is looking to diversify the economy of the Kingdom. He plans to liberalize the Kingdom’s economy to attract foreign funds, similar to the United Arab Emirates.