Saudi Aramco Boosts Oil Output as Quarterly Profit Rises 9 Percent

Saudi Aramco plans to maximize crude oil production during the fourth quarter of 2026 as exports recover from disruptions caused by the war in Iran. The Saudi state-owned energy company announced its production strategy on Tuesday, November 3, while reporting stronger third-quarter earnings despite attacks on its infrastructure.

Aramco recorded adjusted net income of $31.2 billion between July and September, representing a 9 percent increase from the corresponding period a year earlier. Revenue climbed more than 25 percent to $140.5 billion, according to the company's latest financial results.

The company also reported an average crude oil selling price of $95 per barrel, up 35 percent compared with the same period last year. Higher oil prices contributed to its financial performance during a period of significant regional instability.

Chief Executive Officer Amin Nasser said during an earnings conference call that Aramco would continue increasing supply throughout the remainder of the year. The company has already raised production as shipments recovered to near prewar levels in October.

Aramco attributed its financial resilience to operational continuity despite disruptions around the Strait of Hormuz since the conflict began. The company also highlighted its rapid recovery efforts following multiple drone and missile attacks against its facilities.

The conflict began with US and Israeli attacks on Iran and subsequently intensified regional security threats. Iran-backed Houthi fighters escalated their campaign against Saudi Arabia, targeting critical infrastructure and transportation facilities.

Attacks on an international airport in Riyadh killed more than a dozen people. Missile strikes also damaged an Aramco headquarters building in Dhahran, two refineries, and an oil processing facility at the Abqaiq oil field.

These incidents have created additional pressure on Saudi Arabia's economic diversification plans, which aim to reduce dependence on petroleum revenues through tourism, sports, and technology development.

The security situation has also affected major international events planned by the kingdom. Saudi Arabia postponed its flagship Future Investment Initiative conference last month amid the escalating conflict.

On Tuesday, organizers also postponed the 2027 Asian Cup, originally scheduled to take place in Saudi Arabia beginning January 7, 2027. The continental football tournament has been delayed by approximately one year.

Despite these disruptions, Aramco's latest results indicate continued financial growth, while management prepares to sustain higher oil production and maintain export volumes through the end of 2026.