Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

Saudi Arabian lipid elephantine Aramco has reported third-quarter profits of $27.5 billion, down astir 15% from past twelvemonth arsenic debased lipid prices ate into its revenues

DUBAI, United Arab Emirates -- Saudi Arabian lipid elephantine Aramco reported third-quarter profits of $27.5 cardinal connected Tuesday, down astir 15% from past twelvemonth arsenic debased lipid prices ate into its revenues.

Aramco, formally known arsenic nan Saudi Arabian Oil Co., had revenues of $111.1 cardinal complete nan quarter, nan institution said successful a filing connected Riyadh's Tadawul banal exchange. It had $113 cardinal successful revenues nan aforesaid 4th past year.

Profits for nan 3rd 4th past twelvemonth were $32.5 billion.

The profit alteration “was chiefly owed to nan effect of little crude lipid prices and weakening refining margins,” Aramco said.

Profit for nan first 9 months of 2024 was $83.9 billion, down from $94.5 cardinal nan twelvemonth before.

Oil prices person been depressed complete caller days arsenic tensions successful nan Middle East look to person receded somewhat and arsenic China's system has slowed. Benchmark Brent crude traded Tuesday astatine astir $75 a barrel.

Aramco will salary dividends of $20.28 cardinal for nan 3rd 4th and a performance-linked dividend of $10.77 billion, nan institution said. It has said it hopes its wide dividend for nan twelvemonth will beryllium complete $124 billion.

While a sliver of Aramco trades connected nan Tadawul, nan immense mostly is held by Saudi Arabia’s government, fueling its expenditures and providing wealthiness to its Al Saud royal family. The institution besides serves arsenic a bellwether for nan world lipid industry.