Most of the region’s markets declined with the decline in oil prices

The Qatari index fell by 0.7 percent, affected by a 1.5 percent drop in Qatar Islamic Bank shares and a 1.5 percent drop in Industries Qatar shares.

The Saudi index rose by 0.1 percent, ending losses over two sessions, supported by a 1.2 percent rise in Elm Company shares.

Four sources in the OPEC+ alliance told Reuters that the alliance was close to reaching a compromise with African oil producers regarding production levels for 2024, after disagreements over those goals forced the grouping of oil-producing countries to postpone a major meeting.

The market is awaiting Saudi Arabia’s decision on whether to extend the voluntary production cut by one million barrels per day, which is scheduled to end at the end of December.

Outside the Gulf region, Egypt’s leading stock index fell 0.8 percent, with the shares of Commercial International Bank, Egypt’s largest bank, falling 2 percent.

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Oil, a catalyst for financial markets in the Gulf region, fell on Friday after the release of some detainees in Gaza led to a decline in the premium associated with geopolitical risks.

Stock movements

The Qatari index fell by 0.7 percent, affected by a 1.5 percent drop in Qatar Islamic Bank shares and a 1.5 percent drop in Industries Qatar shares.

The Saudi index rose by 0.1 percent, ending losses over two sessions, supported by a 1.2 percent rise in Elm Company shares.

Four sources in the OPEC+ alliance told Reuters that the alliance was close to reaching a compromise with African oil producers regarding production levels for 2024, after disagreements over those goals forced the grouping of oil-producing countries to postpone a major meeting.

The market is awaiting Saudi Arabia’s decision on whether to extend the voluntary production cut by one million barrels per day, which is scheduled to end at the end of December.

Outside the Gulf region, Egypt’s leading stock index fell 0.8 percent, with the shares of Commercial International Bank, Egypt’s largest bank, falling 2 percent.