Saudi Aramco net profit jumps 35 percent to 36.3 billion dollars

Saudi oil giant Aramco announced a nearly 35 percent surge in third-quarter net profit on Tuesday, November 3, 2026. Gulf Business reported that earnings reached 36.3 billion dollars for the quarter. Euronews and the Wall Street Journal reported that the profit increase brought financial relief to the kingdom despite regional energy disruptions. [1][4][5]

Euronews reported that higher crude oil prices and a joint venture sale boosted the company earnings. Increased earnings occurred even as disrupted exports and prolonged regional conflict weighed on the economy of Saudi Arabia. [1]

Iran-backed Houthi forces in Yemen have regularly targeted Saudi oil tankers, pipelines, storage facilities, and refineries since hostilities resumed in July, intensifying strikes in recent weeks, according to Euronews. The kingdom has also faced traffic complications in the straits of Bab al-Mandeb and Hormuz. As FTMQ News reported earlier, Houthi rebels previously claimed multiple strikes against Saudi oil facilities and airports. [1][8][9]

Saudi Aramco, officially known as the Saudi Arabian Oil Company, is a majority state-owned petroleum and natural gas firm headquartered in Dhahran. It holds the largest proven crude oil reserves in the world, with over 270 billion barrels. Operations include upstream extraction at Ghawar, the largest conventional oil reservoir on Earth, with revenues used to fund Saudi Vision 2030 diversification efforts. [6][7]

Coverage from Semafor and remio noted that Saudi Arabia is also utilizing Aramco to advance its artificial intelligence ambitions. Remio reported that Aramco acquired a stake in Humain, bringing an industrial customer directly into the artificial intelligence buildout of the kingdom. [2][3]