Saudi stocks lead Gulf gains on surging oil bets

Saudi stocks lead Gulf gains on surging oil bets

Saudi stocks climb the most in the Gulf, tracking a surge in oil prices after Opec+ shocked the markets with a decision to keep supply in check. Aramco advanced the most in five months. The Tadawul All Share Index rises as much as 1. 4%, extending gains this year to 7. 9%. Saudi Basic Industries, Saudi Aramco and Al Rajhi Bank contributed the most to the advance. Benchmarks in Abu Dhabi, Kuwait and Oman also rise. The Opec+ decision represents a victory for Riyadh, which has advocated for tight curbs to keep prices supported. Oil, the kingdom's biggest export, jumped last week to $69. 36 per barrel in London, the highest since May 2019. Goldman Sachs Group Inc. raised its second- and third-quarter forecasts for Brent to $75 and $80 a barrel, respectively. Saudi Aramco rises as much as 2. 3%, the most since September 2. Bank of America Corp. said the world's largest oil company is "uniquely positioned" to meet potential resurgence of oil demand, and could generate close to $100 billion in free cash flow next year should bullish assumptions materialise. Dividend upside is also seen as possible at higher oil prices and output "given Aramco's stellar FCF