Aramco

Saudi Arabia and some of its oil-producing allies have suggested cutting crude production, disappointing U.S. officials who predicted the kingdom would be instrumental in cooling the market after President Biden met Crown Prince Mohammed bin Salman for the first time in office.The Saudi-led Organization of the Petroleum Exporting Countries and a coalition of producers led by Russia—collectively known as OPEC+—agreed to a smaller-than-expected production increase earlier in August. Now, Saudi Arabia’s energy minister and…

Aramco can boost its crude oil output to its maximum capacity of 12 million barrels per day if the Saudi government requests. Oil prices rebounded more than 3 percent last week after a damaged oil pipeline component disrupted output at several offshore Gulf of Mexico platforms.…

DUBAI—Saudi Arabia’s national oil company reported record quarterly profit on high crude prices, feeding a vault of cash the kingdom’s young ruler is using to build new momentum for reforms and strengthen his geopolitical position with the U.S. and Russia.Saudi Arabian Oil Co., known as Aramco, said Sunday that its income jumped 90% to $48.4 billion in the three months ending in June from the same period a year earlier, due to higher crude-oil prices and stronger refining profit. It is the highest quarterly net income…

Net income leapt 90 percent year-on-year for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1. Aramco floated 1.7 percent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public…

Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence (AI) algorithms, said on Wednesday it raised $25 million (roughly Rs. 187 crore).Gordon Wilson, CEO and co-founder of Rain, said that while most AI chips on the market today are digital, his company's technology is analogue. Digital chips read 1s and 0s while analogue chips can decipher incremental information such as sound waves."It's about looking at the brain first for clues to…

Saudi Aramco 2222 2.12% approached Valvoline Inc. VVV 12.42% about a potential takeover of its lubricants business, according to people familiar with the matter, as the state oil giant looks to diversify. No deal is imminent, and there are no guarantees there will be one, the people said. Valvoline has a market value of around $6 billion after its shares closed up more than 12%…

DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the world’s most valuable company benefits from surging oil prices following Russia’s invasion of Ukraine.Saudi Arabian Oil Co., commonly known as Aramco, said its net income surged 82% to $39.5 billion in the first three months of 2022. Last week, it overtook Apple Inc. as the world’s most valuable company, with its market value rising to $2.4 trillion. DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the world’s most valuable company…

Saudi Aramco, billed as the largest oil-producing company, has also become the world's most valuable company, surpassing American tech giant Apple. The change in positions of the two companies is largely attributed to the rising oil prices due to the war in Ukraine and a steady recovery around the world from the coronavirus pandemic. The rising demand and the increasing cost, in turn, are driving up the shares of oil companies. On the other hand, tech giants are seeing a decline in their fortune across global…

Tim Cook, CEO of Apple Inc.Adam Jeffery | CNBCOil giant Saudi Aramco on Wednesday surpassed Apple as the world's most valuable firm.Aramco's market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion.Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic…

The company saw its shares valued at $2.42 trillion, while Apple's stood at $2.37 trillion when market closed. Saudi Aramco recently reported a 124 percent net profit surge for last year. (AP Archive)…