Saudi Aramco made headlines last week when it dethroned Apple as the most valuable company in the world, hitting a market cap of $2.43 trillion as of last Wednesday. How did this happen in the era of Big Tech and the pariah oil industry? The answer to that is easy enough. Oil prices have been on a strong, almost uninterrupted rise since Russia’s invasion of Ukraine and the Saudis, who have substantial spare capacity and plans to boost it further, had done pretty much nothing to rein them in. That’s the most obvious part of the…
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