Saudi Stocks Lead Mideast Rout as Iran Plans Oil-Export Boost - Bloomberg Business:
"Stocks across the Middle East tumbled as the easing of sanctions against Iran raised the prospect of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Shares in Tehran gained for a second day.
Saudi Arabia’s Tadawul All Share Index dropped more than 7 percent to its lowest level since March 2011. Dubai’s DFM General Index lost 5.2 percent as of 1:12 p.m local time, the biggest loss in five months. Abu Dhabi’s ADX General Index headed toward a so-called bear market. Iran’s TEDPIX Index climbed 0.9 percent, according to data on the bourse’s website, extending Saturday’s 2.1 percent advance.
Iran, home to almost 10 percent of the world’s proven oil reserves, is starting preparations to boost exports after the United Nation’s nuclear agency on Saturday said the country has complied with the terms of an international agreement to curb its nuclear program. That threatens to put further pressure on prices, hurting the oil-dependent economies of the six-nation Gulf Cooperation Council."
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