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Energy giant Saudi Aramco reported a 23% year-on-year decrease in profits for the third quarter, attributed to reduced oil prices and production cuts.The decline from $42.43 billion in the previous year to $32.58 billion mainly signifies the effects of reduced crude oil prices and the quantity of oil sold, as stated in the firm's statement to the Saudi stock exchange. The week prior, the national statistics authority revealed a 4.5 percent decline in GDP for the third quarter compared to the previous year, marked by a 17.3 percent decrease in oil-related activities and a 3.6 percent growth in non-oil activities.

Saudi Aramco profits down 23 pct on lower oil prices, production cuts

Energy giant Saudi Aramco reported a 23% year-on-year decrease in profits for the third quarter, attributed to reduced oil prices and production cuts.The decline from $42.43 billion in the previous year to $32.58 billion mainly signifies the effects of reduced crude oil prices and the quantity of oil sold, as stated in the firm’s statement to the Saudi stock exchange. The week prior, the national statistics authority revealed a 4.5 percent decline in GDP for the third quarter compared to the previous year, marked by a 17.3 percent decrease in oil-related activities and a 3.6 percent growth in non-oil activities.

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