Most major stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output increase by one month.

Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to gradually unwind the group’s most recent layer of output curbs - a cut of 2.2 million barrels per day (bpd).

OPEC and Saudi Arabia have repeatedly said they do not target a certain price and make decisions based on market fundamentals and in the interest of balancing supply and demand.

Saudi Arabia’s benchmark stock index dropped 0.4%, hurt by a 1.6% fall in aluminium products manufacturer Al Taiseer Group and a 2% decline in Saudi Arabian Mining Company.

Most Gulf markets subdued on regional tensions

On the other hand, telecom firm Etihad Etisalat advanced 1.8%, after the firm partnered with Telecom Egypt to land first Saudi submarine cable linking Saudi Arabia and Egypt through Red Sea.

Dubai’s main share index lost 0.2%, with blue-chip developer Emaar Properties falling 0.7% and Emirates Central Cooling Systems Corp retreating 1.1%.

In Abu Dhabi, the main stock index was down 0.4%.

The Qatari index was flat in choppy trade, ahead of a referendum on constitutional amendments. The rare referendum is for citizens to vote on a set of constitutional amendments, including a proposal that would abandon an effort to introduce elections.