Joint Kuwait-Saudi Oil Fields to Stick to OPEC Caps If Restarted

Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last week, according to two officials familiar with the talks. Saudi Arabia and Kuwait will cut output from their producing oil fields to allow for any increase from the Wafra and Khafji fields between the two countries, said the officials, who asked not to be identified because the information isn’t public. The countries have yet to agree on a specific time to restart the shared fields. Kuwaiti and Saudi government officials declined to comment on the matter. OPEC’s three largest producers — Saudi Arabia, Iraq and Iran — overcame discord to reach last Wednesday’s pact to reduce the group’s output by 1.2 million barrels a day starting Jan. 1. Saudi Arabia agreed to cut its output by 486,000 barrels a […]

Tags:

Comments are closed.