DUBAI (Reuters) -Saudi Arabian oil company Aramco, the world’s top oil exporter, reported a 2.3% decline in its quarterly profit on Tuesday, citing lower revenue resulting from a drop in crude and product prices.
Aramco reported a net profit of 101.02 billion riyals ($26.94 billion) in the three-month period ended September 30, down from 103.4 billion riyals last year.
OPEC+, which pumps about half of the world’s oil, has been unwinding voluntary cuts, after cutting back production for several years to support the market.
Brent and WTI in October fell more than 2% for a third consecutive month, hitting a five-month low on October 20 on fears of a supply glut and economic concerns about U.S. tariffs.
The company raised its 2030 sales gas production capacity growth target to about 80% above 2021 levels, up from its earlier goal of more than 60%.
This increase is expected to bring total gas and associated liquids production to around six million barrels of oil equivalent per day, the company said.
“Part of that is from our unconventional gas expansion at Jafurah, which attracted significant interest from global investors,” CEO Amin Nasser said in a statement.
Adjusted net profit came in at $28 billion during the third quarter, beating a company-provided median analyst estimate of $26.5 billion.
($1 = 3.7504 riyals)
(Reporting by Federico Maccioni and Maha El Dahan; Editing by Christopher Cushing and Sherry Jacob-Phillips)
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