Saudi Aramco will have a crucial decision to make early next year: Cut its $31 billion quarterly dividend and risk worsening the kingdom’s budget deficit, or keep borrowing to maintain the payout.

Oil giants on both sides of the Atlantic suffered from lower oil prices and weaker refining margins in the quarter.

Saudi Arabian oil giant Aramco has reported third-quarter profits of $27.5 billion, down about 15% from last year as low oil prices ate into its revenues.

Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of "lower crude oil prices and weakening refining margins," but maintained a 31.05 billion dividend. Aramco's dividend includes a base payout of $20.

Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices.

Saudi oil giant Aramco on Tuesday reported a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins but still maintained its generous dividend at $31.1 billion for the quarter.

Saudi Arabia’s oil giant Aramco kept up its $31 billion dividend to help feed state coffers, despite rising debt.Most Read from BloombergFrom Housing to Immigration, Key Ballot Initiatives and Local Races to FollowParis Restricts Through Traffic in City CenterIstanbul Tries Free Public Transit to Help Job SeekersThe Answer To Making Cities More Family-Friendly?