Saudi Aramco Q3 Profit Rises 9% to $31.2 Billion as CEO Sees Multi-Year High Oil Prices

Saudi Aramco reported a 9% increase in third-quarter profit, reaching $31.2 billion. Despite lower production volumes due to attacks on facilities by Yemen’s Houthis and Iranian strikes on ships in the Strait of Hormuz, a 35% jump in the average selling price of its oil more than offset the volume decline. The company also increased dividend payments, most of which go to the Saudi state.

CEO Amin Nasser stated on an earnings call that the company aims to maximize production through the end of the year by "utilizing all the routes that we have," including risky ship-to-ship transfers and increased shipments through the Red Sea. He predicted buoyant demand lasting for several years and noted that it could take two years to refill depleted global oil storage reserves even if the Iran war were resolved today.

This financial result confirms that geopolitical risk premiums in oil are translating into substantial cash flow for major energy issuers. However, despite strong earnings, Aramco’s stock has lagged behind global majors that mostly operate outside the Gulf, reflecting persistent investor concerns about regional supply disruption risks.