Saudi Aramco's Profits Drop 15% Amid Lower Oil Prices

Despite the decline in earnings, Aramco maintains its substantial dividend payouts to support Saudi Arabia's economic plans.

Aramco reported third-quarter profits of $27.5 billion, down from $32.5 billion a year ago, primarily due to lower crude oil prices and weaker refining margins.
The company maintained a $31 billion dividend, which remains crucial for Saudi Arabia's budget, despite an increase in Aramco's net debt.
Saudi Arabia's oil production is currently around 9 million barrels per day, below its capacity, as part of ongoing OPEC+ output cuts.
The Saudi government, holding an 81.5% stake in Aramco, uses its dividends to fund ambitious projects under the Vision 2030 reform agenda.
Brent crude prices are trading around $75 per barrel, significantly lower than the $96.2 per barrel needed for Saudi Arabia to balance its budget, according to the IMF.