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Saudi Energy Minister Says Markets Need Light-Handed Regulation

Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
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Saudi Energy Minister Says Markets Need Light-Handed Regulation

Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)

Saudi Energy Minister, Prince Abdulaziz bin Salman on Monday said on Monday international energy markets need light-handed regulation to limit volatility.

Speaking at the World Petroleum Congress in Calgary, Prince Abdulaziz said there was ongoing uncertainty about European growth and central bank action to tackle inflation.

He noted that supply and demand forecasts are not always reliable.

"It's always better to go by my motto, which is, 'I believe it when I see it.' When reality comes around as it's been forecast, Hallelujah, we can produce more."

Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. OPEC, Russia and allied producers are known as OPEC+.

The congress is a five-day gathering of officials from oil-producing companies and countries in Calgary, Alberta, Canada's oil capital.

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Gulf Stock Markets Slip Amid Escalating Iran-Israel Conflict and Fed Policy Uncertainty

Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
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Gulf Stock Markets Slip Amid Escalating Iran-Israel Conflict and Fed Policy Uncertainty

Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)

Major stock markets across the Gulf declined on Tuesday, as heightened geopolitical tensions between Iran and Israel weighed on investor sentiment and fueled concerns over regional stability. Investors also remained on edge ahead of a key interest rate decision by the US Federal Reserve.

Reports from Iranian state media described a series of explosions and intense anti-aircraft fire lighting up the skies over Tehran. Simultaneously, air raid sirens sounded in Tel Aviv following a barrage of Iranian missile launches.

Amid the growing tensions, US President Donald Trump, speaking after departing early from the G7 summit in Canada, urged civilians to evacuate the Iranian capital.

At the same time, markets are closely watching developments in Washington, where the Federal Reserve is set to begin a two-day policy meeting. The central bank is widely expected to keep interest rates unchanged, but investors are eagerly awaiting signals from Chair Jerome Powell on the future path of monetary policy, particularly any indications of upcoming rate cuts to support a slowing global economy.

Against this backdrop, Gulf equity markets ended the day mixed. Saudi Arabia’s benchmark Tadawul All Share Index slipped 0.41%, while the Abu Dhabi Securities Exchange lost 0.51%. Dubai’s main index was down 0.64%.

Other markets followed suit. Qatar’s index dropped 0.51%, Muscat’s bourse fell 0.33%, and Egypt’s EGX 30 posted the largest regional decline, falling 1.02% amid heightened investor anxiety.

However, a few markets bucked the trend. Kuwait’s exchange rose 0.65%, while Bahrain’s index gained 0.30%, supported by selective buying and relative insulation from the geopolitical fallout.