MIDEAST STOCKS- #Saudi, #UAE indexes fall as oil prices drop - Reuters

MIDEAST STOCKS-Saudi, UAE indexes fall as oil prices drop - Reuters:

Stock markets in Saudi Arabia and United Arab Emirates
(UAE) closed lower on Wednesday as oil prices fell after both the countries
promised to raise oil output amid an oil-supply policy dispute with Russia.

Saudi Arabia directed Saudi Aramco to raise its oil production capacity to
13 million barrels per day from 12 million bpd. UAE's national oil company
(ADNOC) said that it would raise crude supply to more than 4 million bpd in
April and would accelerate plans to boost its capacity to 5 million bpd. 


Brent crude fell almost 3% to $36.13 per barrel by 1221 GMT.

On Monday, Saudi Arabia slashed crude prices for April and set plans to
raise production next month after Russia refused to support deeper oil
production cuts, causing oil prices to fall 25% and Gulf equities to post record
declines.

Saudi Arabia's index declined 3.1% as Saudi Aramco plunged
4.7% to 29.70 riyals ($7.91) below its initial public offering price of 32
riyals.

Al Rajhi Bank lost 3% and National Commercial Bank was
down 3.8%.