Kuwait and Saudi Arabia are set to resume oil production at a joint offshore field.
That’s according to a report Tuesday by the state-run Kuwait News Agency. It cites Anas al-Saleh, Kuwait’s deputy prime minister, finance minister and acting oil minister, as announcing the news.
Al-Saleh says production at the al-Khafji field in the neutral zone between the two countries will begin slowly “in compliance with environmental considerations” and later ramp up.
Kuwait and Saudi Arabia signed a deal in 1965 to share the field. The field, which was producing under 300,000 barrels of oil per day, was shut in October 2014 over environmental issues.
Resumption of production at the field comes amid low global oil prices.