DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco reported Tuesday a $26.9 billion profit in the third quarter, down slightly from last year as global energy prices remain depressed over concerns of too much oil being on the market.
Aramco’s results serve as a bellwether for the wider oil industry, which is still digesting the OPEC+ decision this weekend to halt planned production increases in the first quarter of next year over supply worries. Benchmark Brent crude, at just under $65 a barrel, has been fluttering near a four-year low.
In filing on Riyadh’s Tadawul stock exchange, Aramco, formally known as the Saudi Arabian Oil Co., reported overall revenue of $111 billion in the third quarter, compared with $123 billion in the same period last year. Its profit in the third quarter last year was $27.5 billion.
The figures slightly beat analysts’ projections.
“Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance,” Aramco President and CEO Amin H. Nasser said in a statement. “We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on.”
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