April 3 (Reuters) - Major stock markets in the Gulf rose
in early trade on Monday, tracking oil prices higher following a
surprise announcement by OPEC+ to cut more production.
The Organization of the Petroleum Exporting Countries and
their allies including Russia shook markets by announcing
further production cuts of about 1.16 million barrels per day
(bpd) on Sunday.
Saudi Arabia's benchmark index gained 0.8%, with
Retal Urban Development SJSC advancing 1.5% and Dr
Sulaiman Al-Habib Medical Services Group Co rising 1%.
The kingdom said it would cut output by 500,000 bpd. The
Saudi energy ministry said the country's voluntary reduction was
a precautionary measure aimed at supporting the stability of the
oil market.
Goldman Sachs raised price forecasts for Brent crude futures following the announcement, saying that while the move
was surprising, the decision reflects important economic and
likely political considerations.
Dubai's main share index added 0.9%, led by a 3.6%
leap in blue-chip developer Emaar Properties PJSC .
In Abu Dhabi, the index was up 0.4%.
United Arab Emirates will cut oil production voluntarily by
144,000 barrels per day from May until the end of 2023, the
energy minister said on Sunday.
The Qatari index climbed 1.8%, on course to snap a
three-day losing streak, with the Gulf's biggest lender Qatar
National Bank QPSC jumping 3.5%.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Varun H K)
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