Fate of Shared Oil Fields Unclear After Saudi-Kuwait Royal Talks - Bloomberg

Fate of Shared Oil Fields Unclear After Saudi-Kuwait Royal Talks - Bloomberg:

The Saudi crown prince held talks with Kuwait’s ruler about increasing cooperation on oil policies. In the shadows of their discussions lies the fate of two jointly owned fields that can produce half a million barrels a day of crude and help OPEC fill a possible supply gap.

Khafji and Wafra, the fields located in the shared Neutral Zone between Saudi Arabia and Kuwait, are crucial for the kingdom to meet its official production ceiling of 12.5 million barrels a day of oil. State-owned Saudi Arabian Oil Co., the world’s biggest exporter known also as Aramco, directly controls 12 million barrels of daily Saudi output.

Crown Prince Mohammed Bin Salman Al Saud met with Kuwait’s Emir Sheikh Sabah Al-Ahmed Al-Sabah on Sunday, according to the official Saudi Press Association. The visit is expected to increase the convergence of Saudi and Kuwaiti oil policies and bring more stability to global oil markets, according to a Saudi government statement. The Saudi prince left Kuwait early on Monday, SPA reported, without giving details of the talks.