Mideast Stocks: Most major Gulf markets slip in early trade as #Saudi raises oil production | ZAWYA UAE Edition

Mideast Stocks: Most major Gulf markets slip in early trade as Saudi raises oil production | ZAWYA UAE Edition:

Most major Gulf markets slipped in early trade on Wednesday as Saudi Arabia appeared to follow through with its promise to boost crude oil output amid a price war with Russia.

Saudi Arabia on Wednesday directed the oil giant Saudi Aramco to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd.

On Monday, Saudi Arabia's slashed crude price for April and set plan to raise production next month after Russia refused to support deeper oil production cuts, sending oil prices to a 25% slump and Gulf equities to their records falls.

Saudi Arabia's index was down 0.3% as Saudi Aramco lost 0.6% to 30.95 riyals.

Hotel operator and developer Jabal Omar Development shed 1.4%, while Al Rajhi Bank edged down 0.2%.