Middle East oil giant's profit reaches nearly 27 billion USD

Saudi Arabia's national oil giant Aramco announced on November 4 that its third-quarter profit reached $26.9 billion, down slightly from $27.5 billion in the same period last year, amid low global oil prices due to concerns about oversupply.

Aramco reported third-quarter revenue of $111 billion, down from $123 billion a year earlier but still above analysts' forecasts, according to a filing to the Tadawul stock exchange in Riyadh. Adjusted net profit was $27.9 billion in the third quarter, according to International Financial Reporting Standards (IFRS).

The result is seen as a key gauge for the global oil industry, which is still assessing the impact of the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to suspend plans to increase production in the first quarter of next year. Benchmark Brent crude is currently below $65 a barrel, hovering around a four-year low.

Commenting on the results, Aramco Chairman and CEO Amin H. Nasser said the company's ability to adapt to new market realities was once again demonstrated through its strong third-quarter results.

Previously on November 2, OPEC+ decided to increase production by 137,000 barrels/day from December 2025 but postponed further adjustments in the first quarter of 2026 due to seasonal factors.

Aramco continues to be a key part of the Saudi economy . The company is a key source of revenue for Crown Prince Mohammed bin Salman's national development plans, including preparations to host the 2034 World Cup. The Saudi government still holds a controlling stake in Aramco, which went public in late 2019 and is considering a public offering. According to the Institute of International Finance (IIF), every $10 a barrel increase in oil prices could generate an additional $40 billion in revenue for Saudi Arabia each year.

Source: https://vtv.vn/loi-nhuan-cua-ong-lon-dau-khi-trung-dong-dat-gan-27-ty-usd-100251105091322163.htm