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Research predicts 2026 Q3 profit drop for Saudi Aramco
Al-Jazira Capital has forecasted an 8.5% decline in Saudi Aramco's net profits in the third quarter of 2026, reaching 113.6 billion riyals. This decrease is attributed to lower oil prices and a reduced contribution from the Exploration and Production sector, despite an improvement in refining margins. Despite this quarterly drop, expectations indicate a 16.8% year-over-year increase in the company's net profits and a 26.8% rise in revenues. The report projects that the average Brent crude oil price will decline to $91 per barrel, down by 5.9%, while oil production will increase to 7.7 million barrels per day and gas output will reach a record 11.2 billion cubic feet per day. Meanwhile, refining revenues are expected to grow by 3.6%. The positive outlook remains for the full year, with projected revenues of 2.078 trillion riyals and net profits of 488 billion riyals. The recommendation to buy the stock and the target price remain unchanged at 29.6 riyals.
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