Saudi Aramco dethrones Apple to become world's most valuable company
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Saudi Aramco, the petroleum and natural gas giant from Saudi Arabia, has dethroned Apple to become the most valuable company in the world. Aramco, the largest oil-producing company in the world, reported a market capitalization of $2.43 trillion, thus trumping Apple's $2.37 trillion capitalization. The shift at the top is attributed to surging crude oil prices and slumping tech stocks.