Saudi Aramco, the world’s largest oil-exporting company, surpassed iPhone maker Apple to become the world’s most valuable company as surging oil prices drove up shares and tech stocks slumped. 

This marks the first time Aramco outranks Apple with a reportedly $2.43 trillion market capitalization, which follows a broader sell-off in technology stocks since the start of the year. Apple stocks fell 3.9% in New York to $148.50, bringing its valuation to $2.41 trillion. The Saudi Arabian oil company exceeds Apple by just over $10 billion.

“As the world economy started to rebound from the Covid-19 pandemic, Aramco’s net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020,” the company said in a press statement. 

As per reports, Aramco cautioned that the company’s outlook remained uncertain due in part to “geopolitical factors.”

“We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program, and increasing our liquids to chemicals capacity,” Amin Nasser, CEO & President of Aramco, said in a press statement. 

On the results for 2021, he acknowledged that “economic conditions have improved considerably.”

Saudi Aramco’s shares, which are listed in Riyadh, have risen 28% since the start of the year to trade at a record $12.27.

Oil prices, which surged to a 14-year high of $139 a barrel in March following Russia’s invasion of Ukraine, have helped some of the world’s biggest oil and gas companies deliver record profits in the first three months of the year.

According to experts, globally, market forces such as inflation could cause a drop in consumption, reducing oil demand, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises, and supply chain woes.