Aramco’s $800 billion wipeout deepens Saudi struggle to break oil dependence – Middle East Monitor

Saudi Aramco, the world’s largest oil company, has lost more than $800 billion in market value since its 2022 peak, Bloomberg has reported, marking a nearly 40 per cent decline and raising fresh concerns about the economic health of a kingdom still heavily reliant on fossil fuels.

Shares in Aramco have fallen sharply, losing nearly 40 per cent of their value since 2022. This drop means the company is now worth over $800 billion less than it was at its peak. The…