Saudi Aramco's Profits Drop 23% in Q3 Due to Falling Oil Prices and Quantities

Saudi Aramco announced today, Tuesday, a 23% decline in net profits for the third quarter, slightly exceeding analysts' estimates, due to falling crude oil prices and quantities sold. Net profit fell to $32.6 billion for the quarter ending September 30, down from $42.4 billion a year earlier. Analysts had expected net profits of $31.8 billion in the third quarter, according to the average estimates of 12 analysts.