Saudi's stock exchange fell 6.5 per cent and other Gulf markets tumbled to multi-year lows at the start of trading Sunday after OPEC and its allies failed to clinch a deal over oil production cuts.
Shares in oil giant Saudi Aramco dropped below their IPO price for their first time. The Dubai Financial Market dived 8.5 per cent and the Kuwait and Abu Dhabi markets dropped more than 7.0 per cent.