Saudis, Kuwait Agree to Resume Oil Output at Shared Fields
- Chevron sees Wafra field pumping at full capacity in 12 months
- New oil will take time to produce; not likely to upset markets
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Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output.
Their agreement allows for “the resumption of oil production from the joint fields,” the Saudi energy ministry said on Twitter. The oil fields in the so-called neutral zone can produce as much as 500,000 barrels a day -- more than each of OPEC’s three smallest members pumped last month.