Aramco Q3 results: Saudi oil giant posts $26.9 billion profit; lower crude prices weigh, beats analyst estimates

Saudi Aramco reported a net profit of $26.9 billion for the third quarter, slightly lower than last year, as subdued global crude prices weighed on earnings even as the company outperformed analyst forecasts.The world’s largest oil producer said total revenue stood at $111 billion in the July–September quarter, down from $123 billion in the same period last year, AP reported. Aramco’s profit for the year-ago quarter was $27.5 billion.“Aramco's ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance,” said President and CEO Amin H. Nasser. “We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on.”In a filing on the Riyadh-based Tadawul exchange, Aramco - formally known as Saudi Arabian Oil Co. — reported an adjusted profit of $27.9 billion under IFRS accounting standards.The company’s results came just after OPEC+, a group of oil-producing nations including Russia, announced it would pause previously planned output hikes for early 2026 due to market oversupply concerns. The bloc will, however, add 137,000 barrels a day in December.

Benchmark Brent crude prices have hovered around $65 a barrel, near a four-year low, amid concerns of excess supply and slowing demand.Aramco’s steady earnings are vital to Saudi Crown Prince Mohammed bin Salman’s economic diversification plan, which includes massive infrastructure projects and preparations for hosting the 2034 FIFA World Cup.Saudi Arabia’s low production costs — among the cheapest globally — mean the kingdom gains roughly $40 billion in additional revenue for every $10 rise in oil prices, according to the Institute of International Finance.The Saudi government remains the majority shareholder in Aramco, which floated a small portion of its shares in 2019 and is considering additional public offerings.