Saudi Arabia & Kuwait end dispute over shared oil fields, ‘won’t change’ OPEC commitments
Saudi Arabia and Kuwait have ended a nearly five-year-long dispute over shared oil fields and have agreed to resume oil production from the divided neutral zone. They also stressed this would not change their OPEC commitments to crude oil production cuts.
About 300,000 barrels per day were reportedly being pumped from the area before the dispute halted production in early 2015. The divided zone, located between the two neighboring countries’ land borders, can produce up to half-a-million barrels per day.
The allied Gulf Arab nations signed the agreement in Kuwait City on Tuesday. Saudi Energy Minister Prince Abdulaziz bin Salman has spent the past few years trying to resolve the rare public spat between the kingdom and its Gulf neighbor, AP reports.