Kuwait supports Saudi Arabia’s call for a meeting of the oil-exporting countries to restore stability to the market

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The Acting Minister of Oil and Minister of Electricity and Water, Dr. Khaled Al-Fadil, announced today, Friday, that the Kuwait Petroleum Corporation, through the Kuwait Gulf Oil Company, will issue the first shipment of Khafji crude oil from joint operations in the divided area after an interruption of about five years.

The Honorable Minister told Kuwait News Agency (KUNA) that the amount of shipment to be loaded on Saturday and after tomorrow, Sunday, amounts to about one million barrels, on board the giant tanker (Dar Salwa) owned by the Kuwait Oil Tankers Company, and its final destination is the Asian markets.

He emphasized that the export of this shipment is the culmination of the efforts of workers in the oil sector and officials in the government of the State of Kuwait over the past years to reproduce in the region divided between the State of Kuwait and the sisterly Kingdom of Saudi Arabia.

This shipment is the first of the fruits of the reproduction agreement in the region divided between the two brotherly countries, followed in the next few days, the first shipment that is produced from the joint abundance field in line with the trend of Kuwait to increase oil production after the expiration of the (OPEC +) agreement (between the Organization of Petroleum Exporting Countries and countries From outside the organization) on March 31.

Al-Fadil expressed the support of the State of Kuwait for inviting the brotherly Kingdom of Saudi Arabia to hold an emergency meeting of oil producers with the aim of restoring stability to the oil markets. Welcome to the idea of ​​more countries from outside (OPEC) joining any upcoming agreement to reduce production.

The Kuwaiti Minister of Foreign Affairs, Sheikh Dr. Nasser Nasser Al-Muhammad Al-Sabah, and the Saudi Energy Minister, Prince Abdul Aziz bin Salman, signed on December 24 last an agreement annexed to the division of the neutral zone and the agreement to divide the flooded area adjacent to the area divided between the two countries. The Kuwaiti Minister of Oil, Dr. Khalid Al-Fadil, and the Saudi Minister of Energy signed a memorandum of understanding on the same procedures related to the procedures for resuming oil production on both sides. The Kuwaiti Gulf Oil Company is a subsidiary of the Kuwait Petroleum Corporation and was established in 2002 to be responsible for the share of Kuwait in the fields of the area divided between Kuwait and Saudi Arabia in place of the Arab Oil Company after the expiration of its contract with Kuwait.

The company is exploring, developing, and producing oil in the wild area of ​​the divided region that includes the fields (South Umm Qudair, Wafra, South Al-Fawares, Al-Hama and Arq field) and the marine region of the divided region and includes oil and gas fields in the areas (Khafji, Lulu, Al-Hout and Al-Durrah).





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