Saudi Aramco has reported a quarterly profit of $26.9 billon, slightly below last year’s figure, as weak oil prices continue to weigh on the world’s largest energy exporter.
The result, which narrowly beat analysts’ forecasts, highlights the pressure facing producers as concerns over oversupply keep global crude benchmarks near multi-year lows.
Revenue for the three months to September fell to $111 billion from $123 billion a year earlier, with net income down from $27.5bn.
Benchmark Brent crude is hovering just under $65 a barrel, roughly where it last traded in 2021, after OPEC+ this week paused a series of planned output increases through early 2026 in response to what it called “seasonal” demand weakness.
Aramco’s president and chief executive, Amin Nasser, said the company’s “ability to adapt to new market realities” had been proven again, pointing to higher production achieved with minimal extra cost.
On an adjusted accounting basis, Aramco’s net profit was $27.9 billion.