Higher oil prices boost Saudi Aramco profits despite disruption from attacks

Saudi Aramco, the majority state-owned oil company, announced on Tuesday a 35% surge in third-quarter net profit, driven by higher oil prices and the sale of its equity stake in a Malaysian refining and petrochemical firm. The net profit surged to $36.3 billion from $26.9 billion in the same period last year, while adjusted net profit saw a 9% rise to $31.2 billion after excluding the stake sale.

Despite disruptions caused by attacks on its facilities and disruptions in oil exports due to the Iran war, Aramco's profits remained robust. The company reported an average oil price of $95.20 per barrel during the quarter, up from $70.10 in the previous year. This price increase was attributed to the outbreak of the Iran war, which led to supply disruptions and heightened market uncertainty.

Aramco continues to maintain significant oil exports through the East-West pipeline to Yemen's Red Sea port of Yanbu, despite attacks, and also through a U.S.-protected corridor in the strait of Oman.