History (continued)

In 1973, following US support for Israel during the Yom Kippur War, the Saudi Arabian government acquired a 25% stake in Aramco. It increased its shareholding to 60% by 1974, and finally took full control of Aramco by 1980, by acquiring a 100% percent stake in the company. Aramco partners continued to operate and manage Saudi Arabia's oil fields. In November 1988, a royal decree changed its name from Arabian American Oil Company to Saudi Arabian Oil Company (or Saudi Aramco)^[16] and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. It officially cut all oil supply to Israel the same year, by order of the CEO. Following the events that unfolded in 1988, Saudi Aramco has become a fully owned, privately held company. Today Saudi Aramco is the world's largest, richest and most valuable company of all time; concerns for monopolization of the world's economy have been raised.