This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35337420
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Iran sanctions: Gulf stocks down on oil price fears | Iran sanctions: Gulf stocks down on oil price fears |
| (about 2 hours later) | |
| Share prices in oil-rich Gulf states have dropped sharply after the lifting of economic sanctions on Iran. | Share prices in oil-rich Gulf states have dropped sharply after the lifting of economic sanctions on Iran. |
| The Saudi Arabia Stock Exchange fell 7.4% in early trading on Sunday, while the Qatar Exchange was down 7% and Dubai's stocks 4.6%. | The Saudi Arabia Stock Exchange fell 7.4% in early trading on Sunday, while the Qatar Exchange was down 7% and Dubai's stocks 4.6%. |
| Those exchanges are dominated by energy firms who fear oil will drop further from its current 12-year low of $29 when Iran resumes oil exports. | Those exchanges are dominated by energy firms who fear oil will drop further from its current 12-year low of $29 when Iran resumes oil exports. |
| Iran has said it will sell up to 500,000 extra barrels of crude oil. | Iran has said it will sell up to 500,000 extra barrels of crude oil. |
| Economic sanctions, in place for nearly 40 years, were lifted after inspectors confirmed on Saturday that Iran had taken the required steps to limit its nuclear programme. | Economic sanctions, in place for nearly 40 years, were lifted after inspectors confirmed on Saturday that Iran had taken the required steps to limit its nuclear programme. |
| What Iran deal means for world markets | |
| Iran sanctions deal in 60 seconds | Iran sanctions deal in 60 seconds |
| Will Tehran now get a McDonald's? | Will Tehran now get a McDonald's? |
| Investors reacted immediately in the first day of trading in the Muslim week. | Investors reacted immediately in the first day of trading in the Muslim week. |
| The Saudi Tadawul All Share Index, the largest market in the region, dropped below 5,500 points to its lowest level since early 2011. | |
| Share prices in all six of the other Gulf stock exchanges also dropped, as investors weighed up a stronger Iranian economy and extra oil in an already over-supplied market. | Share prices in all six of the other Gulf stock exchanges also dropped, as investors weighed up a stronger Iranian economy and extra oil in an already over-supplied market. |
| Saudi Arabia's oil minister Ali al-Naimi said it would take "some time" to restore stability to the global oil market, but added that he remained optimistic. | Saudi Arabia's oil minister Ali al-Naimi said it would take "some time" to restore stability to the global oil market, but added that he remained optimistic. |
| Analysis: Joe Lynam, BBC business correspondent | |
| It's a bit surprising that markets are surprised - Iran has promised since the Vienna agreement was signed in July to pump 500,000 additional barrels of crude per day when sanctions were lifted. | |
| Most oil traders have accelerated their sell-off of oil, gas and energy companies in the run up to Saturday's well flagged announcement by the IAEA (International Atomic Energy Agency). | |
| And yet there's been a rout on Gulf stock markets today (Sunday is a full trading day in the Middle East). | |
| In fact, the Tadawul All Share Index in Riyadh has halved since the summer of 2014 when oil prices started their precipitous fall from $115 to $29 per barrel. | |
| Although Gulf nations are petroleum-based economies, listed companies in most sectors were down - apart from Iran of course. That's because Iran is now expected to be the main beneficiary of billions of dollars of new investment from the West - money which might have previously been spent in other Gulf nations. | |
| Iranian President Hassan Rouhani said on Sunday that the deal was "a turning point" for Iran's economy. | Iranian President Hassan Rouhani said on Sunday that the deal was "a turning point" for Iran's economy. |
| The lifting of sanctions also enables Iran to use the global financial system for trade. | The lifting of sanctions also enables Iran to use the global financial system for trade. |
| Estimates say close to $100bn (£70bn) of Iranian assets will be unlocked under the nuclear deal. | Estimates say close to $100bn (£70bn) of Iranian assets will be unlocked under the nuclear deal. |