Kuwaiti Oil Minister Khaled al-Fadhel announced the resumption of crude shipments from the so-called Neutral Zone; which the country shares with Saudi Arabia, for the first time in five years.
A Kuwaiti tanker will load about one million barrels on Saturday and Sunday for export to Asia, he said.
“This shipment, from the shared Wafra field, is in line with the orientation of Kuwait to increase crude production. This is after the expiry of the OPEC+ agreement on March 31,” he added.
He also referred to a previous agreement between oil exporters to curb global oil supply.
Saudi Arabia and Kuwait signed an agreement in December to resume pumping at two major oilfields; Wafra and Khafji – in the shared Neutral Zone.
Also Friday, Fadhel said that Kuwait supports Saudi Arabia’s invitation for a meeting between OPEC and non-OPEC oil producers, an informal grouping known as OPEC+, to stabilize the oil market.
Sources also said the OPEC+ meeting is to be on April 6 as a video conference.