Kuwait, Saudi Arabia agree to halt oil production from al-Khafji joint field: Report
Kuwait and Saudi Arabia have agreed to halt oil production from the joint al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday.
There was no immediate comment from Kuwaiti officials.
Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil producers to cut output in a bid to reduce a glut in global supplies.
Saudi Arabia, the UAE, and Kuwait announced last week to voluntarily reduce their crude oil production, on top of what they had already committed to under a pact by the OPEC+ group of major oil producing countries.
Saudi Arabia’s energy ministry has directed its national oil company Aramco to reduce its crude oil production for June by an extra 1 million bpd from the April production level, bringing the total production cut in the Kingdom to around 4.8 million bpd.
The Kingdom’s production for June, after both its targeted and voluntary cuts, will be 7.5 million bpd, a Saudi Arabian energy ministry official told Reuters.
The UAE and Kuwait joined the Kingdom by announcing voluntary cuts of 100,000 bpd and 80,000 bpd, respectively for June, on top of what it already agreed with OPEC allies.
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