Saudi Aramco says Saudi-Kuwaiti deal can reduce oil production

Uncategorized Taufiq Sugeng 26-Dec-2019

Saudi Aramco said a new agreement between Saudi Arabia and Kuwait leads the way for oil production to resume in the neutral zone shared between the two countries.

The countries announced the deal on Wednesday and was signed by the Saudi Minister of Energy and the Kuwaiti Foreign Minister.

Saudi and Kuwait stopped producing in the shared oilfields in the neutral zone more than four years ago cutting 500,000 barrels out of daily circulation.

The Wafra field is jointly owned by Chevron and KGOC expects it to return to full production within 12 months.