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Aramco's results serve as a bellwether for the wider oil industry, which is still digesting the OPEC+ decision to halt planned production increases in Q1 of next year over supply worries.

Crude prices jumped after the sanctions announcement, but market reaction has been muted amid confusion over just how seriously the White House would enforce the new measures.

Oil prices spiked after the U.S. announced new sanctions on Russia's oil industry in an attempt to get President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

The Energy Department is seeking oil for delivery in December and January, using a portion of the $171 million from President Trump’s tax and spending law that provided for crude purchases.

The change, which has not been confirmed by the Indian government, would boost Trump's efforts to pressure Moscow to negotiate an end to the war in Ukraine.

The Chinese fees, which were in a response to a similar move by Washington, have upended Asian oil trading as shippers and traders assess their exposure to charges.

China announced Oct. 10 that it would impose fees on U.S. ships in retaliation for similar measures due to be imposed by the Trump administration Oct. 14.

The alliance has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

But work on some renewable energy projects will halt.