Aramco Posts Q3 Profits Of $27.5 Billion, Down 15% From A Year Earlier

Saudi Arabian oil giant Aramco has reported third-quarter profits of $27.5 billion, down about 15% from last year as lower oil prices impacted its revenues, Jon Gambrell reported, for the Associated Press (AP).

Aramco's profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the previous year. I Photo: Aramco Facebook

Aramco, officially known as the Saudi Arabian Oil Co., reported revenues of $111.1 billion over the quarter, as stated in a filing on Riyadh’s Tadawul stock exchange. Last year, revenues for the same quarter were $113 billion, with profits at $32.5 billion.

The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.

Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the previous year.

Oil prices have been suppressed recently as tensions in the Middle East appear to have slightly eased and as China's economy has slowed. Benchmark Brent crude traded at around $75 a barrel at one point last week.