Saudi Aramco reports 2.3% profit drop in Q3 on lower oil prices

Saudi Aramco reported a 2.3% year-over-year decrease in third-quarter profit due to lower oil and product prices. The state-owned oil giant's net profit for the quarter was 101.02 billion riyals ($26.94 billion). However, profit increased by 19% compared to the second quarter, driven by higher sales volumes and prices for crude oil, refined products, and chemicals. Aramco also revised its 2030 gas production capacity target upwards and reported a total dividend payout of $21.3 billion for the third quarter.