沙特阿美Q3盈利超预期，压力缓解信号初现

Core Viewpoint - Saudi Aramco's Q3 earnings exceeded analyst expectations, driven by production growth that offset the impact of declining oil prices [1] Financial Performance - Adjusted net profit for Q3 increased by 0.8% year-on-year, reaching 104.9 billion riyals (approximately 28 billion USD), surpassing analyst forecasts [1] - Free cash flow for the quarter was also higher than dividend payouts, amounting to 23.6 billion USD [1] - Debt-to-equity ratio improved from 6.5% in the previous quarter to 6.3% [1] Market Context - Oil prices in the London market have dropped by 13% this year, averaging around 65 USD per barrel, significantly below the IMF's estimated 90 USD per barrel needed for Saudi Arabia to achieve budget balance [1] - The decline in oil prices has led to the scaling back of some large infrastructure and tourism projects in Saudi Arabia [1] Strategic Focus - As part of OPEC+ policy, Saudi Aramco has been increasing production to mitigate the effects of weak oil demand [1] - The company has slowed down some domestic refining and chemical projects, shifting focus to a major natural gas development project [1]