Live Updates > Live Update Details
2026-11-03 13:36:25
[Saudi Aramco's Q3 Profits Rise 9%, Strait of Hormuz Crude Oil Exports Remain Strong] (1) Saudi Aramco's Q3 profits rose 9%, boosted by rising oil prices due to the war, while crude oil exports via the tense Strait of Hormuz remained strong. (2) According to the statement, adjusted net profit for the third quarter rose to $31.2 billion from $28.6 billion in the same period last year, exceeding the average analyst expectation of $28.7 billion. (3) Profit growth is a major positive for Saudi Arabia; the ongoing Houthi attacks in Yemen are putting pressure on the Saudi economy and making the market more focused on the stability of its oil revenues. (4) In September, Saudi Aramco increased crude oil shipments from Rastanura, its main export hub in the Persian Gulf, in an effort to regain market share from Asian buyers; after the attack on the East-West pipeline disrupted alternative shipping routes in the Red Sea and the pipeline was temporarily shut down, the company turned to shipping routes via the Strait of Hormuz. (5) Saudi Aramco stated that the East-West pipeline continues to provide export flexibility, while the company is exploring increasing overseas inventory and opening new export routes.
