DUBAI: Major stock markets in the Gulf dropped on Thursday on falling oil prices after the postponing of an OPEC+ meeting stoked speculation the group might not deepen output cuts next year.

Oil prices - a catalyst for the Gulf’s financial markets - slipped on Thursday after the Organization of the Petroleum Exporting Countries and allies including Russia in a surprise move on Wednesday delayed a ministerial meeting to Nov. 30.

Producers were struggling to agree on output levels ahead of the meeting originally set for Nov. 26, OPEC+ sources said.

Brent futures were down 0.9% at $81.925 a barrel by 1300 GMT, after falling as much as 4% on Wednesday.

Dubai’s benchmark index fell 0.3%, contrasting with the previous session’s gain, weighed down by a 2.3% decline in Emirates Central Cooling Systems Corp and a 0.9% drop in Dubai Islamic Bank.