Aramco Q3 Profit Rises 35% on Higher Oil Prices

Saudi Aramco reported a 35% increase in third-quarter net profit to USD 36.3 billion, up from USD 26.9 billion a year earlier, supported by higher oil prices, stronger refinery margins and the sale of its stake in Malaysian refining and petrochemical company PRefChem.

Excluding the PRefChem transaction with Malaysian state oil company Petronas, adjusted net profit rose 9% year on year to USD 31.2 billion.

Aramco said its average realised oil price reached USD 95.20 per barrel during the quarter, compared with USD 70.10 in the same period last year.

The company also maintained exports despite security disruptions affecting regional shipping and energy infrastructure. Following the outbreak of conflict in February, Aramco relied on the East-West pipeline to the Red Sea port of Yanbu to preserve a significant share of shipments while tanker traffic through the Strait of Hormuz was disrupted.

The pipeline was attacked on September 10th but later resumed operations. Saudi crude has also continued moving through the Strait of Hormuz via a United States-protected corridor near the coast of Oman, while exports have continued despite attacks on Aramco facilities by Houthi rebels in Yemen.