Saudi Aramco's downstream business consumes 43.5% of total crude in Jan-Sep

Saudi Aramco's downstream business consumed 43.5% of the company's crude in the first nine months of 2021, while its bottom line for the third quarter to September was in the black amid an improvement in market conditions.

During January-September 2020, Aramco's downstream oil consumption stood at 39.5%, the company said in an earnings report released Nov. 1.

Aramco's downstream business swung to a profit in the third quarter compared to a year earlier as the world's biggest oil company benefitted from better refining and petrochemical margins.

Aramco's earnings before interest, income taxes and zakat reached Riyal 14.8 billion ($3.957 billion), compared with a Riyal 2.98 billion loss a year ago.

"These strong earnings reflect continued strength in refining and chemicals margins and the resulting inventory movement gains due to improving market conditions," Aramco said.

Higher oil output

Aramco pumped on average 9.5 million b/d in Q3 and its profit more than doubled to $30.4 billion on higher crude prices and production.

Total hydrocarbon production in Q3 was 12.9 million boe/d, Aramco said in its earnings report. It did not provide the corresponding year-ago data, but total hydrocarbon production had increased from the first nine months of 2020, when it stood at 12.4 million boe/d, of which 9.2 million b/d was crude oil.

Last year, Aramco finalized its $69 billion acquisition of a 70% stake in Saudi Basic Industries Corp., the Middle East's biggest petrochemical maker.

SABIC reported more than a fivefold year-on-year increase in its Q3 net profit to $1.49 billion thanks to higher average sales prices.