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Saudi Aramco, the world's largest oil-producing company, is expected to make a Q3 2023 net profit of 119 billion Saudi riyals ($31.7 billion), down 24% year-on-year (YoY).
The Riyadh-based brokerage and investment bank Al Rajhi Capital said on a sequential quarter basis the profit would be 9% higher due to strong oil prices despite drop in production.
According to LSEG data, the mean analysts' estimate for Aramco's Q3 net profit is $30.28 billion.
Saudi Aramco’s revenue for Q3 2023 is expected to come in at SAR 470 billion, down 23% YoY but nearly 5% higher on quarter.
The kingdom has voluntarily reduced its oil output by 1 million barrels per day (bpd), to 8.98 million bpd.
"The voluntary production cut announcement by OPEC+ would lead to lower production volumes but the rise in oil prices on a q-o-q basis is expected to offset the drop in revenues."
(Reporting by Brinda Darasha; editing by Seban Scaria)
