Home GCC Saudi Arabia Saudi Aramco earnings surge on higher oil output and prices The world’s biggest crude producer’s third-quarter profit climbed to $30.4bn by Bloomberg October 31, 2021 Saudi Aramco’s earnings soared as oil prices and production climbed, allowing the company to easily cover its quarterly dividend of $18.75bn with free cash flow. The world’s biggest crude producer’s third-quarter profit climbed to SAR114.1bn ($30.4bn) from SAR44.2bn year ago. Free cash flow was $28.7bn. Aramco and its Big Oil rivals have benefited from the global economic recovery, which has helped push up crude prices by about 65 per cent this year to more than $80 a barrel. #Aramco’s 2021 third quarter financial results reflect the Company’s exceptional performance financially and operationally #AramcoResults — Aramco (@Aramco) October 31, 2021 The state-controlled firm was also helped by higher output after Saudi Arabia ended unilateral supply cuts implemented as part of an OPEC+ deal earlier this year. The kingdom’s crude production averaged 9.6 million barrels a day between July and September, up from 8.5 million in the second quarter. Aramco’s annual dividend of $75bn, the world’s largest, is a crucial source of funding for Saudi Arabia. The government, which owns 98 per cent of the stock, is trying to narrow a budget deficit that ballooned last year as energy prices tanked with the spread of the coronavirus. Tags coronavirus Earnings oil prices profit Saudi Aramco 0 Comments You might also like Aramco plans to bolster China investments with 10% stake in Hengli Petchem TAQA, JERA to build cogeneration plant for Saudi Arabia’s SATORP Brent oil price likely to be above $80 a barrel by year end, shows Bloomberg survey Aramco CEO: “We should abandon the fantasy of phasing out oil and gas”