Kuwait sees oil output in zone shared with Saudi Arabia at 250,000 bpd by end 2020 - Reuters:
Kuwaiti oil output in the Neutral Zone (NZ) it shares with Saudi Arabia is expected to reach 250,000 barrels per day (bpd) when production restarts at the end of this year, the country’s oil minister said on Thursday.
Kuwait and Saudi Arabia, both members of The Organization of the Petroleum Exporting Countries (OPEC), agreed last year to end a five-year dispute over the area, allowing production to resume at two jointly-run oilfields that can pump up to 0.5% of the world’s oil supply.
“Signing the Memorandum of Understanding means the return of production of 250,000 bpd...before the end of 2020,” Kuwait oil minister Khaled al-Fadhel, said in a parliament session.
Kuwait and Saudi Arabia halted production at the Khafji and Wafra fields on the back of the dispute. Their combined output before the shutdown was 500,000 bpd.
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