Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices. But its profits dropped by a quarter last year because of lower oil prices and production cuts.

Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices. But its profits dropped by a quarter last year because of lower oil prices and production cuts.

Lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

DUBAI: Saudi oil giant Aramco on Tuesday (Oct 5) reported a 15.4 per cent drop in third-quarter profit due to lower crude prices and weaker refining margins, but maintained its generous dividend at US$31.1 billion for the quarter. Aramco posted net income of US$27.6 billion in the three months to Sep 30, w

DUBAI, United Arab Emirates (AP) — Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

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