What is Saudi Aramco?

Saudi Aramco is a state-owned oil company based in Saudi Arabia. It is considered to be the largest oil company in the world in terms of both proved oil reserves and daily oil production. The company was founded in 1933 as the California-Arabian Standard Oil Company, and it was later renamed as Saudi Aramco in 1988.

The company has a monopoly on the production and export of oil in Saudi Arabia, and it is responsible for the exploration, production, refining, and marketing of oil and natural gas. Saudi Aramco is also involved in a wide range of activities including upstream, downstream, and chemical operations. Upstream operations involve the exploration, development, and production of oil and natural gas, while downstream operations include the refining, distribution, and marketing of oil products.

Saudi Aramco is also the world’s largest oil exporter and its oil production accounts for about 8% of the world’s total daily oil production. The company is also a major player in the global natural gas market, with significant reserves and production of natural gas. Additionally, the company has a strong focus on sustainability and is investing in the development of renewable energy sources such as solar power.

It’s worth noting that the company is partially owned by the Saudi government, and it plays a major role in the economy of Saudi Arabia and the Gulf region.