Saudi Aramco, the world’s largest oil producer, reported a third-quarter profit of $26.9 billion, slightly down from last year, as global energy prices continue to face pressure from concerns over oversupply.

The company’s revenue for the quarter reached $111 billion, compared with $123 billion in the same period in 2024. Last year’s Q3 profit stood at $27.5 billion, highlighting a modest decline in earnings. Analysts, however, noted that Aramco’s results slightly surpassed market expectations.

Aramco President and CEO Amin H. Nasser said the company has successfully adapted to current market conditions by increasing production with minimal additional costs, while ensuring consistent delivery of oil, gas, and associated products to customers worldwide.

Under IFRS accounting standards, Aramco reported an adjusted net profit of $27.9 billion for the quarter. The company’s performance comes as Brent crude hovers just below $65 per barrel, approaching a four-year low. The market has been influenced by the recent OPEC+ decision to pause planned production increases in the first quarter of 2026 due to concerns about excess supply.

Aramco, majority-owned by the Saudi government, remains a key financial pillar for the kingdom, funding initiatives tied to Crown Prince Mohammed bin Salman’s development plans, including preparations for the 2034 FIFA World Cup. The company’s low production costs, thanks to its near-surface oil reserves, allow it to generate significant profits even amid fluctuating global prices.

Experts estimate that for every $10 increase in oil prices, Saudi Arabia could earn an additional $40 billion annually, underlining the strategic importance of Aramco’s operations to the national economy.

The firm publicly listed a small portion of its shares in 2019 and has considered expanding its public offering in the future. Despite global market challenges, Aramco’s financial results demonstrate resilience and the continuing influence of Saudi Arabia in global energy markets.