Saudi Aramco says quarterly profit drops 15% on low oil prices

Energy giant Saudi Aramco reported a 15 percent drop in third quarter profit due to low oil prices, with net income falling to $27.56 billion from $32.58 billion in 2023. The firm cited lower crude oil prices and weakening refining margins as the main reasons for the decline, despite producing nine million barrels per day, below its capacity of 12 million bpd. Aramco’s profits help fund Saudi Crown Prince Mohammed bin Salman’s Vision 2030 reform agenda, which aims to diversify the economy away from oil dependence.

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