The market capitalization of Saudi Arabian Oil Co. surpassed the value of Apple Inc. during trading on Wednesday for the first time since 2020, making the state-owned Saudi energy company the world’s most valuable company, Bloomberg reported.

Apple shares fell in price by 3.9% during the session, bringing the iPhone maker’s capitalization down to $2.41 trillion. Meanwhile, the value of Saudi Aramco was about $2.43 trillion at the end of trading.

The value of Apple in January exceeded $3 trillion, but since then the company’s securities have fallen in price on fears of inflation and rate hikes by the Federal Reserve. Since the beginning of the year quotes of the company lost about 16%.

At the same time, the securities of Saudi Aramco in 2022 jumped in value by almost 30% due to rising oil prices.