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The desert kingdom has around 16% of the worldâs proven oil reserves and is the biggest global exporter of petroleum liquids. There is little doubt as to why its national oil company, Saudi Aramco, the biggest energy company in the world, generates over $1 billion in revenue every single day.
Lukoil PJSC and Rosneft PJSC, the countryâs largest oil producers, were among the biggest advancers on the 50-stock gauge as Brent crude climbed for a third day, set for the highest price since July 12.