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Mideast Stocks Plunge as Producers Head Toward Oil-Price War

  • Gauges in Dubai, Riyadh fall the most since the 2008 crisis
  • Shares of Saudi Aramco slip below IPO price for the first time
Iranian Petrochemicals Production at Pars Special Economic Energy Zone
Photographer: Ali Mohammadi/Bloomberg
Updated on

Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.

Kuwait led the sell-off, suspending trading of the biggest and most liquid shares after its index tumbled 10%, while every gauge in the region retreated. Oil giant Saudi Aramco fell below its IPO price for the first time. Dubai’s DFM General Index and Saudi Arabia’s Tadawul All Share Index clocked up the sharpest drop for a session since the 2008 financial crisis.