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Saudi oil giant Aramco announced on Tuesday that its third-quarter profits fell by 2.3 per cent as continued price declines eroded revenues.
Net income dropped to $26.94 billion from $27.56 billion in 2024, marking the company’s 11th straight quarterly decline. Aramco said in a filing to the Saudi Stock Exchange that the decrease was mainly due to reduced revenue and sales-related income, though lower operating costs partly offset this.
Recent months have seen crude oil prices constrained by a gloomy demand outlook, fuelled by global economic uncertainty, tariffs, and fears of recession. However, geopolitical tensions, including fresh US sanctions on Russian energy firms, have prevented a sharper price decline.
The results come shortly after eight major members of the OPEC+ alliance, led by Saudi Arabia and Russia, announced another increase in oil production.
The Organisation of the Petroleum Exporting Countries and its allies have been ramping up production faster than many anticipated at the start of the year. After years of output cuts designed to support prices, producers are now prioritising market share amid mounting competition from US shale oil suppliers.
