Energy behemoth Saudi Aramco reported a 23% decrease in third-quarter profits compared to the previous year, primarily due to lower oil prices and production cuts.
The decline, from $42.4 billion (£34.4 billion) in the prior year to $32.6 billion (£26.6 billion), is attributed to the impact of reduced crude oil prices and sales volumes, according to a statement released by the company to the Saudi stock exchange.
This decrease in net profit marks a trend for Aramco, one of the world’s wealthiest corporations, with a 19.3% drop in the first quarter and a 38% decrease in the second quarter compared to 2022.
Aramco serves as a cornerstone of the Saudi economy and serves as the primary revenue source for Crown Prince Mohammed bin Salman’s ambitious economic and social reform initiative, known as Vision 2030, which seeks to steer the Gulf nation away from reliance on fossil fuels.
Saudi Arabia, the world’s largest oil exporter, holds a 90% stake in Aramco’s shares.
The surge in oil prices, with a peak exceeding $130 per barrel, was triggered by Russia’s invasion of Ukraine in February 2022.
