December 28, 2019 [Hellenic Shipping News] – Kuwait’s Minister of Oil and Minister of Electricity and Water Dr. Khaled Al-Fadhil has reaffirmed his country’s commitment to OPEC Plus agreement on production cut.
In statements to KUNA on Tuesday, he assured that Kuwait would remain adherent to its production quota as per the OPEC Plus agreement even after the resumption of production of the oilfields in the Divided Zone with Saudi Arabia.
He emphasized the importance of OPEC’s production cut.
The minister hailed Kuwait’s signing today on an agreement and a memorandum of understanding with the Kingdom of Saudi Arabia regarding the resumption of oil production from the Divided Zone.
He voiced great confidences in the Kuwait Gulf Oil Company (KGOC)’s staff, hoping the production would back to normal levels soon.
Earlier in the day, Kuwait Foreign Minister Sheikh Ahmad Nasser Al-Mohammad Al-Sabah and Saudi Minister of Energy Prince Abdulaziz bin Salman signed an agreement to divide the neutral zone between both countries.
Kuwaiti Minister of Oil Al-Fadhel and his Saudi counterpart Prince Abdulaziz inked a memorandum of understanding pertaining to the measures of resuming the output between the two sides.
The KGOC represents Kuwait in the neutral zone and is responsible for exploring and producing oil in several fields in this area.
Saudi Arabia’s Chevron Company carries out the output operations in the zone in partnership with the KGOC.
Click on the button and register to get instant access to actionable tank storage industry data