Saudi Aramco said third-quarter adjusted net income rose 9% to $31.2bn from
$28.6bn a year earlier, topping analyst consensus of $28.7bn. Higher oil prices
tied to regional conflict boosted results, and exports via the Strait of Hormuz
remained strong. Continued attacks by Yemen’s Houthi militants are straining the
Saudi economy and have put markets on alert over the stability of oil receipts.
In September Aramco increased crude loadings from Ras Tanura to regain Asian
market share after attacks on the east-west pipeline disrupted Red Sea
alternative routes and temporarily halted the pipeline, forcing greater reliance
on Hormuz shipments. Aramco said the east-west pipeline still provides export
flexibility and it is exploring higher overseas inventories and new export
routes.
