ADNOC stocks surge over UAE’s OPEC decision

A. SREENIVASA REDDY (ABU DHABI)

ADNOC and other energy-related stocks on the Abu Dhabi Securities Exchange (ADX) surged after the UAE’s decision to withdraw from the Organisation of the Petroleum Exporting Countries (OPEC), a move widely seen as likely to boost investment and expand production capacity across the sector.

The ADX General Index (FADGI) rose by more than 1% at one point before trimming some of its gains. At the time of writing, ADNOC Drilling was up more than 7%, ADNOC Logistics and Services gained over 6.5%, ADNOC Gas rose more than 4%, and ADNOC Distribution was up by over 2%.

Other ADNOC-related companies, including Fertiglobe and Borouge, were also trading more than 2% higher.

ADNOC-linked stocks ranked among the most actively traded on the exchange, both in terms of volume and value.