(Bloomberg) — 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.Chevron Corp., which operates the area’s Wafra field together with Kuwait Gulf Oil Co., expects full production there to be restored within 12 months, it said Tuesday in a statement. …read more
Source:: Yahoo Finance
