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.

The oil company said lower oil prices and refining margins pushed down profit, adding it plans to pay dividends of $31.05 billion.

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

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.

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.

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