Saudi Arabia, Kuwait Ink Deal on Shared Oilfields to End a Five-year Dispute

Published December 25th, 2019 - 10:27 GMT
Saudi Arabia, Kuwait Ink Deal on Shared Oilfields to End a Five-year Dispute
The Gulf neighbours halted production at the Khafji and Wafra fields, which together produce some 500,000 bpd, in 2014 and 2015, respectively. (Shutterstock)
The Kingdom of Saudi Arabia and the State of Kuwait have today signed agreements to divide the Neutral Zone between the two countries, in addition to a memorandum of understanding on resuming joint oil production along the border.
 

Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al-Saud and Kuwaiti Foreign Minister Shaikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah signed the agreement.

HRH Prince Abdulaziz bin Salman bin Abdulaziz Al-Saud and Kuwaiti Minister of Oil and Minister of Electricity and Water Dr. Khaled Al-Fadhel inked the memorandum of understanding.

The Saudi minister said that the signing of the agreement and memorandum of understanding reflected strong bilateral relations binding the two countries, led by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud and the Amir of Kuwait His Highness Shaikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

He commended the strenuous efforts exerted by Saudi Crown Prince, Deputy Premier and Defence Minister HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud to reach the historic agreements towards achieving common interests.

He said that the Saudi’s share through the resumption of oil production from the joint fields will not affect the level of its supplies to global markets, pointing out that the Kingdom’s production will top 9.744 million barrels per day of crude oil in compliance with the recent OPEC agreement.


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