Most major Gulf stocks slip in early trade as Saudi raises oil production

Most major Gulf stocks slumped 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 .TASI was down 0.3% as Saudi Aramco 2222.SE lost 0.6% to 30.95 riyals.