#Kuwait to Resume Oil Output by March in Area Shared With Saudis - Bloomberg

Kuwait to Resume Oil Output by March in Area Shared With Saudis - Bloomberg:

Kuwait plans to restart oil production by March at the Wafra field that it shares with Saudi Arabia, more than four years after the neighbors halted output.

Wafra has been shut since May 2015, due to a dispute over Saudi Arabia’s renewal of Chevron Corp.’s concession there. The field will resume pumping by March, Kuwaiti Oil Minister Khaled Al-Fadhel said Wednesday by phone.

Kuwait’s parliament voted earlier in the day to ratify the agreement the country reached with Saudi Arabia in December to resume production at their shared oil deposits. Fields in the so-called neutral zone can produce as much as 500,000 barrels a day -- more than each of OPEC’s three smallest members pumped last month.

Kuwaitis and Saudis alike have said a resumption would be unlikely to add significant amounts of oil to the market within the current duration of the Organization of Petroleum Exporting Countries’ production cuts deal, which runs until the end of March.