Kuwait and Saudi Arabia have agreed on sharing oil output in the neutral zone after the establishment of an officially-recognised border within the area, said the Kuwaiti negotiating committee said on Saturday December 28th.
After a series of discussions that took place last Tuesday, both parties reached three agreements appended to previous agreements that date back to 1965 and 2000 by which the oil production will be resumed, according to the official Kuwaiti state press agency, KUNA.
Committee Director Ambassador Majdi Al-Dhifeeri hailed the breakthrough agreements, saying of them: “reflect the depth of the neighbouring countries’ strategic bilateral relationship, built on transparency, exclusivity, mutual interest and compatibility.”
It comes in accordance with the directions of both His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of Kuwait and King Salman bin Abdulaziz Al-Saud of Saudi Arabia, he added.
The talks were described as having been reached after both sides saw eye-to-eye “completely and comprehensively” on the matters discussed “actually and not only verbally.” “The goal is to be in accord, not to be divided,” he said, adding Saudi Arabia is a “strategic depth” for Kuwait, just as Kuwait is to Saudi Arabia.
Production in the neutral zone – in the cities of Wafra (Kuwait) and Khafji (Saudi Arabia)- was put on hold in 2014 with capacity of production hitting more than 470,000 barrels of oil per day through onshore and offshore fields.