Arab News reported that Saudi Aramco was ranked as the largest oil company in the world by Forbes magazine in its latest edition. The list of the world's 25 largest oil companies was made public by one of the world's most reputable business magazines.

Mr Christopher Helman staffer Forbes said that "The ranking is based on the combined volumes of oil and natural gas that these companies produce each day. The Saudi oil giant topped the rating based on daily oil and gas production volumes. Saudi Aramco is by far the biggest energy company in the world, generating more than USD 1 billion a day in revenues.

Forbes presented an image of the Shaybah mega project, stating that it sits on more than 15 billion barrels of oil in the Rub Al-Khali. It also referred to Saudi Aramco's biggest oilfield, Ghawar which can produce 5 million barrels per day.

A Riyadh based oil industry analyst said the magazine was only stating the obvious. Yes, there is no doubt that Saudi Aramco is the world's No 1 oil company and the magazine is only confirming this fact. This is a reason for cheer for everyone in Saudi Arabia.

The analyst said that under Mr Khalid A Al Falih president and CEO of Saudi Aramco, company is undergoing a corporate transformation. While upstream remains the company's biggest strength it is rapidly expanding its downstream portfolio too. The slew of ventures and projects, such as Saudi Aramco Energy Ventures and Sadara, to name just two indicate that the company will only get bigger and bigger in the coming years.

Source - Arab News

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