Saudi Aramco Profit Beats Expectations as Oil Prices Soar

Saudi Aramco beat analyst estimates of its third-quarter profit as higher crude oil and fuel prices offset the impact of oil supply disruptions due to attacks on its assets. 7-billion analyst consensus estimate compiled by Bloomberg. Despite the attacks on the East-West onshore oil pipeline bypassing the Strait of Hormuz and other attacks on Aramco infrastructure by the Iran-backed Houthis, the Saudi oil giant boosted earnings in the third quarter from a year earlier as the Middle East conflict hiked crude oil prices and slashed refinery output and exports, which led to soaring refining margins and record-high product prices in many markets.