Oil Markets Brace For Another 500,000 Bpd Oil Field To Come Online | OilPrice.com:
Kuwait and Saudi Arabia could be days from agreeing the restart of oil production from the two fields they share in the so-called neutral zone.
Bloomberg quoted Kuwait’s Oil Minister, Khaled Al-Fadel, as saying during a news conference on Sunday that “We hope that by the end of the year things will be cleared out and things will go back to normal.”
The report is the latest in a series about Kuwait and Saudi Arabia trying to resume production from the neutral zone despite the latest extension and deepening of the OPEC+ oil production cuts.
Two fields in the partitioned zone—Khafji and Wafra—pumped half a million barrels daily until 2015. Operational differences and a worsening in bilateral relations led to the suspension of production during that year. The worsening came as Saudi Arabia renewed Chevron’s concession for Wafra. According to the Kuwaiti side, Riyadh did that without consulting it.
No comments:
Post a Comment