Saudi Aramco reported a decline in third-quarter net profit on Sunday, as weaker crude prices and softer refining margins pressured the world's largest oil producer. The company maintained its base dividend despite the drop in earnings.

The Riyadh-listed firm has faced narrowing margins through 2026 as benchmark Brent crude traded well below the levels that underpinned record payouts in prior years. Aramco's results carry outsized weight because its dividends fund a large share of the Saudi government's budget and the kingdom's Vision 2030 spending programme.

Aramco's management pointed to resilient output and continued investment in gas and downstream chemicals as offsets to lower upstream prices. The company has prioritised its multi-year expansion of the Jafurah gas field and liquefied natural gas ventures to diversify revenue beyond crude.

The lower profit intensifies pressure on Saudi public finances, which have run a budget deficit as Riyadh sustains spending on giga-projects. Analysts at Morgan Stanley and other banks have flagged the gap between Aramco's cash payouts and its underlying free cash flow.

Chief executive Amin Nasser has repeatedly argued that global oil demand remains robust and that underinvestment across the industry risks future supply shortfalls.