Aramco Keeps $29 Billion Payout Even as Oil Production Falls

Third-quarter net income slips year-on-year on lower output
Saudis extending production cuts to year-end to support market

A logo sits on display outside an oil storage tank in the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and terminal at Ras Tanura, Saudi Arabia.

Photographer: Simon Dawson/Bloomberg

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By Fahad Abuljadayel and Anthony Di Paola

November 7, 2023 at 6:06 AM UTC

Updated on

November 7, 2023 at 1:38 PM UTC

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Aramco maintained its dividend to the Saudi government despite a drop in production and weaker oil prices as the kingdom tackles a widening budget deficit.