Oil prices climb Saudi Aramco's shares hit a new high

According to foreign media reports, the share price of Saudi Aramco, the world's largest oil company, hit a record
high since the company's listing in 2019 on February 21.
Benefiting from rising oil prices, Saudi Aramco's share price has risen by 10.
41%
year-to-date.

After the opening on the morning of the 21st local time, Saudi Aramco's stock price rose all the way, briefly breaking through the 40 Saudi riyal (about $10.
67) mark
during the session.
Although the share price has since retreated, it still closed at 39.
2 Saudi riyals ($10.
45), the highest
since the company went public in December 2019.
This increased its market capitalization by $83 billion to $2.
1 trillion, behind only Apple and Microsoft
.

Saudi Aramco shares have risen roughly the same year as the Saudi Stock Exchange All-Share Index
, the Saudi Stock Exchange, the benchmark Saudi stock index.
In dollar terms, the latter is the sixth-best global performance this year and is now at its highest level
since 2006.
The analysis notes that the energy giant may "continue to benefit from high oil prices.
"

Market analysts believe that Saudi Aramco's share price has been rising since early February, on the one hand, due to the improvement of the epidemic situation leading to the increasing demand for crude oil, on the other hand, the market is worried that crude oil production will be affected
due to the tension between Russia and Ukraine.

Data show that the spot price of spot North Sea Brent crude oil in the British market reached $100.
8 per barrel on the 16th of this month, the first time since 2014 to break 100
.
Oil prices have surged about 20 percent so far this year, reaching more than $90 a barrel, largely due to increased oil demand and resistance from many major producers to increase production
.

Although Saudi Aramco's share price climbed, its dividend yield on the 21st was still lower than peers
such as ExxonMobil and BP.
Analysts have previously said Aramco will need to raise its current $75 billion annual shareholder dividend to attract more foreign investors
.

Saudi Aramco CEO (CEO) Amin Nasser said on the 21st that crude oil demand will continue to rebound
from the impact of the epidemic.
As the global economy continues to recover, demand for petroleum products has increased
in different parts of the world, including Asia.
For now, it appears that the Omicron variant is less harmful to the economy than many traders initially feared
.
At the same time, spare supply capacity is diminishing
as several major producers struggle to ramp up production.