Kuwaiti Neutral Zone Output Estimated at 250K b/d by Year-End
Kuwait’s oil production from fields in the Neutral Zone which are jointly owned with Saudi Arabia is expected to reach 250K b/d when output restarts at the end of the year, according to statements from the Kuwaiti Oil Minister cited by Reuters. The two countries agreed in 2019 to end a five-year dispute over the area, allowing production to resume at the jointly-run Khafji and Wafra fields. Combined output from the two facilities stood at 500K b/d before their closure.
By early afternoon in London, ICE Brent was trading at $65.14/bbl, down $0.30/bbl from the end of Wednesday’s trading.