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Home Energy

India’s Oil Major Reliance Becomes Second Largest Energy Company

With plunging oil demand, the threat of coronavirus continues to loom over companies like Exxon

The Global Economics by The Global Economics
August 20, 2020
in Energy, Top Stories
Reading Time: 1 min read
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India’s Oil Major Reliance Becomes Second Largest Energy Company

India’s Oil Major Reliance Becomes Second Largest Energy Company

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America’s biggest energy company Exxon Mobil Corp. loses its position to India’s Reliance Industries to become world’s largest energy company after Saudi Aramco.

On Friday, market value of Reliance went on to set a record high of over $189 billion while Exxon lost around $1 billion. Amidst the slump in oil demand and prices due to coronavirus crisis, Reliance’s shares soared 46% this year, and Exxon Mobil’s fell 39%.

Notably, the energy business of Reliance accounts for about 80% of the company’s revenue while the non-energy businesses like digital and telecom services and retail have made a net profit of $5.3 billion, making it India’s top-most company so far. Reliance is also the first Indian company to cross a market capital of $150 billion.

The pandemic-led collapse of oil-demand continues to echo in the second-quarter after plunging by 30 million barrels a day. With OPEC production cuts and stringent lockdown measures, there has been a sharp decline in supply, contributing to a tighter market hitting oil companies like Exxon.

With a dozen moving parts of the oil market, it is too soon to forecast anything concrete as Covid-19 has made the calculation more cumbersome. Meanwhile, Reliance basks in the glory of making it to become the 2nd largest energy company.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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