World’s biggest crude producer had a strong third quarter but faces tough conditions ahead
Oil producers are used to price cycles, but this one has been a doozy and hopes are fading that the worst has passed. Saudi Aramco has few easy ways to offset the pain.
The world’s largest oil producer reported better-than-expected results for the third quarter on Tuesday. Higher average prices–$43.60 a barrel, up from $23.40 in the prior period–helped cushion painful margins in the refining and chemicals businesses as well as lower production volumes.
But the fourth quarter is turning out less well. After months of relative stability, crude prices wobbled last week and touched a five-month low on Monday. Rising Covid-19 infections globally…
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