DUBAI, United Arab Emirates — The state-owned oil corporation of Saudi Arabia, Aramco, announced its third-quarter earnings, which amounted to $27.5 billion, representing a decline of approximately 15% compared to the same timeframe last year due to reduced oil prices affecting its income.

In an announcement made through the Tadawul stock exchange in Riyadh, Aramco, officially known as the Saudi Arabian Oil Co., revealed that its revenues for the quarter totaled $111.1 billion. This figure marks a drop from the $113 billion reported in the previous year’s third quarter.

Last year during the same quarter, the company’s profit reached $32.5 billion. Aramco attributed the profit decline primarily to the adverse effects of decreased crude oil prices and shrinking refining margins.

For the first three quarters of 2024, Aramco achieved profits of $83.9 billion, a drop from the $94.5 billion made during the corresponding period in the previous year.

Oil prices have experienced a downturn in recent days as tensions in the Middle East have slightly eased and the Chinese economy has shown signs of slowing down. As of Tuesday, the benchmark Brent crude was trading around $75 per barrel.

In terms of shareholder returns, Aramco announced it would distribute dividends totaling $20.28 billion for the third quarter, along with an additional performance-linked dividend of $10.77 billion. The company has expressed its ambition to provide total dividends exceeding $124 billion for the year.

While a small percentage of Aramco shares are available for trading on the Tadawul, the majority remains under the ownership of the Saudi government. This structure supports governmental spending and enhances the wealth of the Al Saud royal family. Moreover, Aramco functions as a significant indicator of trends within the global oil market.