• 3 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 5 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 hours VW Fails To Secure Critical Commodity For EVs
  • 8 hours Enbridge Pipeline Expansion Finally Approved
  • 9 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 10 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
IEA: Oil Prices To Hit A Ceiling In 2018

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

Who Are The Biggest Buyers Of U.S. Oil?

Who Are The Biggest Buyers Of U.S. Oil?

Exports of U.S. petroleum and…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Kuwait And Saudi-Arabia To Step Up Oil Output Here With 500,000 bpd

Wafra Oil Field

Kuwaiti officials say that two oilfields shared with Saudi Arabia in a massive 6,000-square-kilometer neutral zone could resume production within a year.

Speaking at a crude oil summit held in London, the head of research at Kuwait Petroleum Company Abdulaziz Al Attar said commented on an agreement to restart the fields, noting: "It is very difficult to say when, but it is in the process (of restarting)…We hear production will come back... a month, maybe a year, but we don't know exactly when."

The two oilfields—onshore Wafra and offshore Khafji—are in the Partitioned Neutral Zone, which lies between Kuwait and Saudi Arabia. The Wafra oilfield has a reported production capacity of 200,000 barrels a day, while Khafji has a 300,000 bpd production capacity.

Related: Kuwait Plans To Ramp Up Oil Production By 44% Before 2020

Wafra was shut down in May 2015, while the Khafji field has been shut down since October 2014.

The offshore Khafji field was shut down largely due to a disagreement over the renewal of operating licenses, which had sparked a standoff between the two OPEC members.

Late March, Kuwaiti officials signaled both sides’ willingness to recommence operations at both fields.

Related: OPEC Is Dead, What’s Next?

The early stages of this restart will involve “small quantities, which would be increased taking into consideration environmental concerns,” before returning to normal levels, officials said.

The freeze in production at the Khafji oil field didn’t impact the Saudi economy, but took a toll on oil revenues in Kuwait. Unlike Saudi Arabia whose production capacity stands at 12.5 million barrels a day, Kuwait’s 3-million-bpd capacity was significantly affected by the field’s shut down.

A three-day strike by oil sector workers last month saw production temporarily reduced to a mere 1.1 million barrels a day.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News