Saudi Aramco’s profits fall 23% amid lower oil prices

Energy giant Saudi Aramco posted a 23 percent year-on-year drop in profits for the third quarter, recording a $32.58 billion from $42.43 billion last year, due to lower energy prices and volumes sold in the period, the firm said on Tuesday.

The average crude barrel price was $89.3 in the period compared to $101.7 last year, when the war in Ukraine and the reshuffling of trade flows boosted the oil price. However, the company believes energy demand might increase over the mid-to long term.