Coronavirus: GCC markets mixed as OPEC+ agree on output cuts.
Saudi Arabian stocks fell in early trade on Monday, extending losses from the previous session, as record output cuts by the kingdom and other oil-producing countries was dwarfed by April demand slump.
The Organization of the Petroleum Exporting Countries and allies led by Russia agreed to reduce output by 9.7 million barrels per day in May and June - equal to nearly 10 percent of global supply - but the reduction still dwarfed by the near 30 million barrels per day drop in demand in April already anticipated by forecasters like Goldman Sachs.
On Sunday, Goldman Sachs said oil prices would keep falling in the coming weeks, reasoning that a "historic yet insufficient" deal by big oil producers to cut output is unlikely to offset a coronavirus-led demand rout.
Saudi Arabia's benchmark index slipped 0.3 percent, with Al Rajhi Bank shedding 0.7 percent, while Saudi Telecom was down 1.3 percent. The latter extended its memorandum of understanding for 90 days with...
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