16:40 - 5.11.2024

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November 5, Fineko/abc.az. The net profit of Saudi Aramco for Jan-Sept 2024 dropped by 11% versus the 2023 same term to $83.9 billion.

ABC.AZ reports that at the same time, in the 3rd quarter, profit decreased by 15% year-on-year, to $27.6 billion.

The company attributes the financial results to lower oil prices and lower refining margins. The average cost of selling Saudi Aramco oil for Q3 was $79.3 against $89.3 a year earlier and $85.7 for Q2, and in the first 9 months the average price reached $82.7 per barrel against $82.9 per barrel for Jan-Sept 2023.

Company's free cash flow for Jan-Sept 2024 reached $63.7 billion (-213%). Company's capital expenditures grew by more than 19% up to $36.2 billion.

Saudi Aramco's hydrocarbon production in the 3rd quarter amounted to 12.7 million b/d of oil equivalent (a rise of 3% against Q2).

From May 2023 to the end of 2025, Saudi Arabia voluntarily reduces oil production by 500,000 b/d as part of agreements with a number of OPEC+ countries.