Kuwait And Saudi Set To Sign Oil Production Agreement

Saudi Oil Minister Prince Abdulaziz bin Salman Al-Saud will arrive in Kuwait tomorrow, Tuesday, to sign an agreement on resuming oil production in the shared neutral zone jointly run by both countries.

The deal will be sealed but production may not resume soon as the Khafji and Wafra oilfields in the neutral zone would need maintenance after a four-year suspension, according to Alqabas, which cited well-informed sources.

The two countries are also committed to implementing an OPEC agreement on reducing oil production to maintain the stability of prices.

 “Oil production will resume in phases and is expected to reach the maximum capacity of 500,000 barrels per day within a few months,” the sources said.

 

SOURCE : GDNONLINE

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