The oil Ministers of Saudi Arabia, UAE, Kuwait, Oman, Iraq, and Bahrain reconfirmed their full support for OPEC+ agreement of cutting oil production in order to further speed up rebalance of oil markets.
Crude oil production resumed on July 1 at the Wafra oilfield, which is a joint venture between Kuwait and Saudi Arabia.
Kuwait and Saudi Arabia have plans in place to resume oil production at the Neutral Zone at jointly-operated Khafji and Wafra oilfields on July 1.
Kuwait and Saudi Arabia will suspend oil production from their joint Khafji oil field and shut down affiliated facilities for one month starting from June 1.
Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy, and the Minister of Energy for the Russian Federation Alexander Novak are in constant contact on the developing oil market situation.
Kuwait’s oil minister, Khaled Al-Fadhel, announced that Kuwait will support the Kingdom of Saudi Arabia’s efforts to restore stability to oil markets by cutting production by 80,000 barrels per day (bbl/d).
The Kuwait Oil Tanker Company (KOTC) received the Shegardiah oil tanker from South Korean manufacturer Hyundai Mipo Dockyard on April 28.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced yesterday to cut oil production by 10 million barrels per day (mmbbl/d) effectively from May 1 through June 30, curbing global ...
Kuwait commenced operations in the country's largest heavy oil project, located in the north, under the framework of raising its production capacity to 4 million barrels per day (mmbbl/d) by 2040.
Wafra field, located in the Neutral Zone, will restart its oil production by March, according to Khaled Al-Fadhel, Kuwaiti Oil Minister.
