Saudi Arabia, Kuwait sign deal to resume joint oil output

Saudi Arabia, Kuwait sign deal to resume joint oil output

Saudi Arabia signed with the sisterly state of Kuwait here today, an agreement attached to the agreements of dividing the divided and the submerged zones, adjacent to the divided zone between the two countries, and a memorandum of understanding related to procedures for resuming oil production, in both sides.

The attached agreement was signed on behalf of the Saudi side by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and on behalf the Kuwaiti side by Sheikh Dr. Ahmed Nasser Al-Mohammed Al-Sabah, Minister of Foreign Affairs.

As for the Memorandum of Understanding, it was signed on behalf of the Saudi side by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and on behalf of the Kuwaiti side by Dr. Khaled Ali Al-Fadhil, Minister of Oil and Minister of Electricity and Water.

Following the co-signing ceremony, Prince Abdulaziz bin Salman said that the co-signing of the agreement and the memorandum of understanding is a translation of the distinguished brotherly relations between the two brotherly countries led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and Sheikh Sabah Al-Ahmad Al-Sabah, Emir of the State of Kuwait.

He also expressed appreciation of the great efforts made by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, for reaching this historic agreement, in a manner that realizes the mutual interests of the two parties.

The Prince concluded by stressing that the Kingdom’s share in resumption of oil production from the joint fields, will not affect the level of the Kingdom’s supplies to global markets, as the Kingdom’s production will be fixed at 9,744 million barrels per day of crude oil, in compliance with its goal specified in the recent “OPEC +” agreement.