Saudi Aramco Q3 Profit Slumps 44.6%

Saudi Aramco, the world’s largest oil producer, said its third-quarter profit fell by 45% from last year’s level, largely due to lower crude oil prices and lower sales volumes. Aramco said in a statement today, Tuesday, that Aramco’s net profit amounted to 44.2 billion riyals (11.8 billion dollars), while sales fell 25% to 200 billion riyals.

It is worth noting that oil prices have fallen in recent days to their lowest level in five months, amid new lockdown measures in Europe aimed at curbing the rise in cases of Coronavirus. So OPEC + is considering whether they should take more measures to cut production or delay easing current restrictions to support crude oil prices.