Aramco's Resilient Performance Amid Global Oil Uncertainty

Saudi oil giant Aramco reported a USD 26.9 billion profit in Q3, slightly down from last year due to low global energy prices. The company adapted to market changes, increasing production at minimal costs. Aramco plays a vital role in Saudi Arabia's economic plans, including hosting the FIFA 2034 World Cup.

Saudi Arabian oil giant Aramco announced a third-quarter profit of USD 26.9 billion, a slight decrease from the same period last year, attributed to ongoing depressed global energy prices. The figures, however, surpassed analysts' expectations, solidifying Aramco's standing as a key leader in the oil industry.

In response to the OPEC+ decision to halt production increases, Aramco demonstrated adaptability by boosting production with minimal cost increments. President and CEO Amin H. Nasser emphasized the company's reliability in supplying essential oil and gas products to its clientele, highlighting its robust market performance amidst challenging conditions.

As a cornerstone of the Saudi economy, Aramco supports Crown Prince Mohammed bin Salman's development initiatives, including the FIFA 2034 World Cup hosting. Despite a partial public share listing, the Saudi government maintains majority ownership, leveraging Aramco's vast resources to bolster the nation's financial health.

(With inputs from agencies.)