Saudi Arabia's stock market led most Gulf bourses lower on Feb. 9 after oil prices plunged more than 6% at the end of last week, while oil giant Aramco fell for a sixth consecutive day.
Oil prices posted their fifth straight weekly decline, as speculators backed away due to weaker consumption figures and expectations the coronavirus, which has killed more than 600 people, will remain a drag on demand.
Last week, a panel advising OPEC+, OPEC and allies led by Russia, suggested provisionally cutting output by 600,000 barrels per day to help support prices.
However, Russia Energy Minister Alexander Novak said Feb. 7 Moscow needed more time to assess the situation.
Saudi Arabia's benchmark index declined 1.2%, dragged down by a 1.4% slide in state-owned Saudi Aramco, which hit its lowest since it began trading on Dec. 11.
Al Rajhi Bank dropped 1.2% and Saudi Basic Industries tumbled 1.6%.
In Dubai, the index slipped 0.2%, with Emirates NBD shedding 0.8%, while Emirates Integrated Telecommunications Co. eased 2.1% ahead of its board meeting on Feb. 11.
The board is due to approve its annual results and propose a dividend for the second half of 2019.
Qatar's index was down 0.1%, hurt by a 7.4% plunge in United Development Co., which extended losses from the previous session.
On Feb. 6, the firm saw its biggest intraday fall since January 2016, after reporting a decline in its annual profit and slashing its 2019 dividend to 5 dirhams from one riyal per share a year earlier.
The index saw some support from Qatar National Bank, the Gulf's largest lender, which was up 1.4%.
The Abu Dhabi index edged up 0.1% as First Abu Dhabi Bank added 0.3% and Abu Dhabi Islamic Bank opened 0.4% up.
Recommended Reading
Civitas Makes $300MM Midland Bolt-On, Plans to Sell D-J Assets
2025-02-25 - Civitas Resources is adding Midland Basin production and drilling locations for $300 million. To offset the purchase price, Civitas set a $300 million divestiture target “likely to come” from Colorado’s D-J Basin, executives said.
Occidental to Up Drilling in Permian Secondary Benches in ‘25
2025-02-20 - Occidental Petroleum is exploring upside in the Permian’s secondary benches, including deeper Delaware Wolfcamp zones and the Barnett Shale in the Midland Basin.
Six New Dean Wildcats Come With 95% Oil in Northern Midland Basin
2025-02-21 - SM Energy reported geologic variability in deposition in the new play in southern Dawson County, Texas, but “it's really competitive.”
SM’s First 18 Uinta Wells Outproducing Industry-Wide Midland, South Texas Results
2025-02-20 - Shallow tests came on with 685 boe/d, 95% oil, while deeper new wells averaged 1,366 boe/d, 92% oil, from two-mile laterals, SM Energy reported.
Coterra’s Rigs ‘Stay Camped Out’ in Delaware Basin Mega-DSU Drilling
2025-02-26 - With 57 wells already in one “row” development, Coterra Energy has 16 more underway, plus rigs at work on two more mega-DSU developments totaling 90 wells.