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.
