(MENAFN- Brazil-Arab News Agency (ANBA)) Riyadh – Saudi Arabia's energy company Saudi Aramco reported a 2.3% drop in third-quarter profits on Tuesday (4) as global economic uncertainty and a glut in supply continued to weigh on the market, resulting in lower oil prices.

Crude prices have been pinched in recent months by a cloudy outlook for demand owing to global economic headwinds linked to tariffs and recession worries. The oil alliance OPEC+, which Saudi Arabia is a key part of, has overseen an increase in production in recent months, resulting in more oil flooding the market and eroding prices.

The Saudi oil giant recorded a fall in net income to USD 26.94 billion from USD 27.56 billion in 2024 – the 11^th consecutive quarterly fall for Aramco. But stripping out exceptional items, adjusted net income rose about one percent to USD 27.98 billion. This figure beat expectations, with projections provided by the company, based on 15 analyst forecasts, predicting a median range of USD 26.5 billion.

“We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on,” said president and CEO Amin Nasser. In the third quarter of last year, a barrel of Brent crude was priced at around USD 80. In the same period this year, the price dropped to about USD 70.

Read more:
Saudi Arabia welcomes more foreign startups

*Reproduction of this content is prohibited

Translated by Guilherme Miranda

©Fayez Nureldine/AFP

The post Saudi Aramco: Lower oil prices impact profit appeared first on ANBA News Agency.

MENAFN04112025000213011057ID1110294620