RBC Ups Estimates for Saudi Aramco on Q3 Results, Price Deck Update

02:58 AM EST, 11/09/2026 (MT Newswires) -- RBC Capital Markets revised its forecasts for Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, to reflect the Saudi state-owned oil giant's third-quarter results and the research firm's upward revision to its price deck. In a Monday note, analysts also highlighted the company's "resilient" operations amid disruptions related to the ongoing conflict in the Middle East, alongside its maintained capital expenditure budget. "Aramco fully utilized its additional export facilities this year, particularly the East-West pipeline, providing an additional 7mb/d of capacity to export and avoid the Strait of Hormuz. This pipeline was built in the 1980s, and management commented that the cost of the pipeline was recovered in 15 days during the current crisis. This is an interesting litmus test for energy infrastructure resilience, as we expect countries in the region to over-build infrastructure and allow for multiple export routes going forwards," the note said. Accordingly, the research firm upgraded its net production estimates for full-year 2026 to 2028, which also accounts for increased oil production expectations, assuming Saudi Arabia boosts output into 2027 as export restrictions relax. RBC also raised its diluted operating EPS forecasts for the three-year period. RBC maintained its sector perform rating and price target of 34 Saudi riyals on the stock.