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RIYADH: ������Ƶ’s Tadawul All Share Index slipped on Sunday, falling 87.17 points, or 0.80 percent, to close at 10,833.10.

The total trading turnover of the benchmark index stood at SR3.39 billion ($904 million), with 62 stocks advancing and 187 declining.

The Kingdom’s parallel market Nomu fell 169.14 points, or 0.63 percent, to close at 26,755.84, as 30 stocks advanced while 50 retreated.

The MSCI Tadawul Index also dropped, losing 11.09 points, or 0.79 percent, to end at 1,398.65.

The best-performing stock of the day was Sport Clubs Co., whose share price rose 9.96 percent to SR12.37.

Other top performers included Thimar Development Holding Co., which increased 6.67 percent to SR38.68, and Nama Chemicals Co., which gained 5.72 percent to SR26.24.

Saudi Aramco Base Oil Co., or Luberef, recorded the most significant decline, dropping 9.96 percent to SR94.

Jabal Omar Development Co. saw its share price fall 5.39 percent to SR18.96, while Dar Alarkan Real Estate Development Co. declined 4.35 percent to SR18.27.

On the announcements front, Saudi Basic Industries Corp. reported its interim financial results for the period ending June 30. According to a Tadawul statement, the company recorded a net loss of SR5.28 billion during the first six months of the year, compared to a net profit of SR2.43 billion in the same period a year earlier. 

The decline was primarily due to impairment charges, provisions, a strategic restructuring initiative, lower results from associates and non-integral joint ventures, and a zakat expense of SR694 million in 2025 versus a positive non-cash benefit of SR214 million in 2024.

SABIC also announced the board of directors’ recommendation to distribute SR4.5 billion in cash dividends to shareholders for the first half of 2025. A bourse filing revealed that the total number of shares eligible for dividends amounted to 3 billion, with a dividend per share of SR1.5, representing 15 percent of the share’s par value.

SABIC’s share closed the session at SR54.45, down 1.19 percent.

Luberef released its interim financial results for the first half of the year. According to a Tadawul statement, the company posted a net profit of SR446 million, down 13.2 percent year-on-year, mainly due to lower crack margins for by-products and a decline in base oil sales volumes, despite an improvement in base oil crack margins.

The company also announced the board’s recommendation to distribute SR168 million in cash dividends for the first half of 2025.

A bourse filing said the number of shares eligible for dividends was 168 million, with a dividend per share of SR1, equivalent to 10 percent of the share’s par value.

RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.

In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions.

This approach, it said, ensures the alliance’s ability to respond swiftly and maintain balance in global oil markets.

The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty.

“The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement read.

The producers also reaffirmed their commitment to full compliance with the group’s Declaration of Cooperation, and said that the Joint Ministerial Monitoring Committee would continue to supervise the voluntary adjustments, as agreed during its 53rd meeting on April 3, 2024.

The alliance had earlier approved smaller monthly increases—138,000 bpd in April, and 411,000 bpd each for May, June and July. In July, it announced a larger-than-expected increase of 548,000 bpd for August.

The latest hike will bring ������Ƶ’s output to 9.97 million barrels per day in September. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Production levels for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000 and 801,000 bpd, respectively.

OPEC+ also said it would continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for Sept. 7.

In a speech at the St. Petersburg International Economic Forum in June, Saudi Energy Minister Prince Abdulaziz bin Salman described OPEC+ as the “central bank” of the global oil market, highlighting the alliance’s stabilizing role amid ongoing economic volatility.