Breaking News
Translate

Kuwait to export oil from joint fields after 5-year halt

Kindly Share This Story:
Kuwait to export oil from joint fields after 5-year halt
Khaled al-Fadhel

Kuwait announced Friday it will export its first crude oil shipment from oilfields in a shared neutral zone with Saudi Arabia that had been shut for five years due to a dispute.

Oil Minister Khaled al-Fadhel said that around one million barrels will be loaded on Saturday and Sunday onboard a Kuwaiti tanker “whose final destination will be the Asian markets”, according to the official Kuwait News Agency (KUNA).

Saudi Arabia and Kuwait signed an agreement in December to resume pumping at two major oilfields in the shared neutral zone that had been closed due to a disagreement between the neighbours.

ALSO READ: Nigerian banks at severe risk from oil price slump, COVID-19 — Fitch Ratings

The two fields were pumping some 500,000 barrels per day before production was halted, first at Khafji in October 2014 and then at Wafra seven months later.

Riyadh said at the time that the decision was due to environmental issues.

The oil produced in the neutral zone in the border area is shared equally between the two nations.

The announcement comes as Saudi Arabia ramps up supply amid a price war with Russia that has sent oil prices crashing to 18-year lows as demand slides amid the coronavirus pandemic.

[AFP]

Vanguard News Nigeria.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!