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Aramco Profits Drop Amidst Lower Oil Prices

Aramco reports lower third-quarter profits due to decreased oil prices, impacting Saudi Arabia's economic plans and drawing climate change concerns.

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EconomyMiddle EastEnergy SecuritySaudi ArabiaOilDividendsProfit

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Mohammed Bin Salman

What is the significance of Aramco's ownership structure?: While a small portion of Aramco trades publicly, most is held by the Saudi Arabian government. This makes Aramco a crucial source of revenue and wealth for the kingdom.
What factors contributed to the decrease in Aramco's profits?: The lower oil prices are due to easing tensions in the Middle East and a slowdown in China's economy. Benchmark Brent crude is trading around $75 a barrel.
What dividend payments will Aramco make for the third quarter?: Aramco will pay $20.28 billion in dividends for the third quarter, plus a performance-linked dividend of $10.77 billion. The company aims for total dividends exceeding $124 billion this year.
How have lower oil prices affected Saudi Arabia's plans and drawn criticism?: Lower oil prices have impacted Saudi Arabia's plans for economic diversification, potentially leading to budget cuts in projects like the Neom city development. Activists also criticize Aramco's profits due to climate change concerns.
What were Aramco's third-quarter profits, and how do they compare to last year?: Aramco's third-quarter profits were $27.5 billion, a 15% decrease from the same period last year. This drop is attributed to lower crude oil prices and weaker refining margins.

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