UAE shares jump after Opec agrees to cut oil production levels

Opec and non-Opec members agreed late on Wednesday night to reduce global output to roughly 33 million barrels a day at a meeting in Algeria.

UAE shares jumped this morning following Opec’s surprise agreement to cut oil production levels for the first time in eight years, with Saudi stocks following suit.

The Dubai Financial Market General Index opened up around 0.9 per cent, with blue chip stocks Emaar Properties and DIB rising around 1.4 per cent each.

Opec and non-Opec members agreed late on Wednesday night to reduce global output to roughly 33 million barrels a day at a meeting in Algeria.

The last minute deal stunned markets, with observers having all but given up on the prospect of an agreement. Brent crude immediately jumped around 6 per cent on the news.

The agreement boosted Asian stocks on Thursday morning, the Nikkei trading up around 1.7 per cent.

The Saudi Tadawul opened up about 0.5 per cent higher.

jeverington@thenational.ae

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Published: September 29, 2016 04:00 AM

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