Saudi Aramco's quarterly profit drops 15% on low oil prices
Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing prices which have stayed low despite production cuts and war in the Middle East.
The fall in net income to $27.56 billion from $32.58 billion in 2023 is the seventh consecutive quarterly drop for Aramco, one of the world's biggest companies by market capitalisation.
Aramco is the chief source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to remodel the Gulf kingdom's crude-reliant economy.