Saudi Aramco profit jumps 35pc as war in West Asia drives oil prices higher
RIYADH, Nov 3 — Saudi oil giant Aramco on Tuesday announced a 34.6 per cent surge in third-quarter net profit, as...
Saudi Aramco reported a 35% increase in net profit for the third quarter, reaching 135.9 billion riyals, as a result of sustained high oil prices despite regional conflict. The Saudi Arabian oil company attributed its strong financial performance to geopolitical uncertainty and attacks on energy infrastructure, which have disrupted global oil supplies.
Aramco's President and CEO, Amin H. Nasser, acknowledged the impact of these challenges on energy security, stating that geopolitical risks and targeted assaults on key energy facilities amplified the global energy supply crisis. While the company's adjusted net income, excluding exceptional items, stood at 116.9 billion riyals, analysts were more optimistic, with the median forecast for third-quarter earnings at $30.66 billion.
The conflict in the Middle East, which escalated in February, has had severe implications for global energy markets, prompting strategic reserve reductions and fueling inflation. Despite Saudi Arabia's revised budget deficit projections for the year 2026, the kingdom's economy is expected to contract by 3.6% in 2026, according to the IMF.
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