Saudi Aramco’s third-quarter net profit fell 2.3% to $26.94 billion, down from $27.56 billion a year earlier, as lower crude prices continued to squeeze the company’s earnings. The result marks the oil giant’s 11th consecutive quarterly profit drop, reflecting persistent challenges in the global energy market.
“The decrease was mainly driven by lower revenue and other income related to sales, partially offset by lower operating costs,” Aramco said in a filing to the Saudi stock exchange. Despite strong production volumes, the company faced a slowdown in revenue growth due to weaker market prices.
Crude oil prices have been under pressure from a cloudy demand outlook, as concerns over global trade tensions, tariffs, and potential recessions weigh on investor sentiment. The softening demand has constrained revenues for major producers, including Aramco, even as it remains one of the world’s most valuable companies by market capitalization.
However, geopolitical tensions, including fresh US sanctions on Russian energy firms, have prevented oil prices from falling further. The partial support from supply-side uncertainty has helped stabilize global benchmarks such as Brent crude in recent weeks.
The earnings report follows the recent OPEC+ decision to ramp up production, signaling a strategic shift after years of output cuts. Saudi Arabia and Russia, alongside six other key members, are now focusing on reclaiming market share amid growing competition from US shale producers.
