Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

Associated Press

DUBAI, United Arab Emirates (AP) — Saudi Arabian oil giant Aramco has reported third-quarter profits of $27.5 billion, down about 15% from last year as low oil prices ate into its revenues. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter. That’s according to a company filing Tuesday on Riyadh’s Tadawul stock exchange. It made $113 billion the same quarter last year. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before. Oil prices have been depressed in recent days as tensions in the Middle East appear to have receded slightly and as China’s economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.