MIDEAST STOCKS-Saudi rises on oil gains, banks boost Qatar | Reuters:
Saudi Arabia’s stock market rose as oil prices climbed by more than 4 percent on Monday, leading to gains in its petrochemical and bank stocks.
Qatar’s market also rose on the back of its banks, even as the world’s largest liquefied natural gas exporter said it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019.
The withdrawal decision reflects Qatar’s intent to focus its efforts on developing its natural gas industry, the country’s energy minister said, adding that the decision was not linked to a political and economic boycott of Qatar imposed by OPEC’s de facto leader Saudi Arabia and its allies since June 2017.
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