3 sources·Business

Aramco Reports Decrease in Third-Quarter Profits Amid Low Oil Prices

Saudi Aramco's Q3 profits fell to $27.5B due to a 15% decline in crude oil prices and reduced refining margins.

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Updated: Nov 5th, 2024, 6:09 AM ET

Summary

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Saudi Arabian oil company Aramco announced a 15% drop in third-quarter profits, totaling $27.5 billion, resulting from low crude oil prices and weakening refining margins. Revenue figures also fell from $113 billion last year to $111.1 billion. Despite the profit decline, Aramco plans to distribute dividends totaling $31.05 billion. Tensions in the Middle East and a slowing Chinese economy contributed to lower oil prices, affecting Aramco's earnings. The company maintains a significant market value and investments in future projects, although some ambitions may be curtailed due to budgetary constraints.

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