Saudi Aramco Q3 profit falls slightly to $26.9 billion on lower oil prices

Saudi Aramco reported a third-quarter profit of $26.9 billion, slightly lower than a year earlier, as weaker global energy prices and concerns about oversupply continued to pressure the oil market.

In a filing on Riyadh’s Tadawul stock exchange on Tuesday, the Saudi Arabian Oil Co. said total revenue fell to $111 billion in the July–September period, down from $123 billion in the same quarter last year, News.Az reports, citing AP.

The world’s largest oil exporter continues to face the impact of soft crude prices amid persistent market worries about excess supply and slowing demand growth.

News.Az