Kuwait and Saudi Arabia to Resume Shared Oil Field Production

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.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza