Saudi slips on lower than expected oil supply cuts

Saudi Arabia’s stock market fell in early trade on investor disappointment after Opec and allied oil-producing countries agreed a smaller-than-expected cut in output.

The group agreed to reduce output by 10 million barrels per day from May, with Russia saying it would only reduce if the US joined the deal.

Saudi’s benchmark index dropped one per cent, with Saudi Aramco losing 1.6 per cent and Al Rajhi Bank down 1.4 per cent.

Aramco is set to announce its crude prices for May, having delayed the official release.