Saudi Arabia, Kuwait Make Breakthrough in Neutral Zone Oil Talks - Bloomberg:
Saudi Arabia and Kuwait are the closest in years to restoring oil output from the neutral zone shared by the neighboring nations after making a breakthrough in recent talks, according to people familiar with the matter.
While Kuwait and Riyadh haven’t yet reached a final agreement, in a recent meeting the Middle East nations made significant progress in resolving sovereignty issues that have thwarted negotiations in the past, the same people said, asking not to be named discussing diplomatic talks.
The neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015. The barren strip of desert straddling Saudi Arabia and Kuwait -- a relic of the time when European powers drew implausible ruler-straight borders across the Middle East -- can pump about 500,000 barrels a day, as much as OPEC-member Ecuador.
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