Pavel + 384 PP July 2, 2018 Saudi Arabia and Kuwait are set to resume oil production at their shared neutral zone next year, according to Japan’s Toyo Engineering that is working on the project, in a clear sign the two Opec members are moving to ramp up output. The neutral zone, which was left undefined when the country’s borders were drawn in 1922, produced 330,000 barrels per day before the oil price crash four years ago, which contributed to the decision to pause output. Brent crude oil has rallied 65 per cent in the last year, however, prompting calls from the US for Saudi Arabia and other Opec members to raise oil output to help cool prices. “Because of Oil Price Recovery, KJO [the operator] starts the preparation work to re-produce the oil from the fields from 2019,” said Toyo Engineering Corporation in a statement announcing it had renewed a contract for work on the fields. Quote Share this post Link to post Share on other sites
jose chalhoub + 388 July 2, 2018 Things seem to normalise in the GCC.. or not so much. Quote Share this post Link to post Share on other sites
jpZelabal + 63 jj July 2, 2018 Oil is infinite but controllable.... Quote Share this post Link to post Share on other sites
Ibrahim + 1 IY July 4, 2018 It'swell said, but I doubt if the price will be controlled should Iran is sanctioned. 1 Quote Share this post Link to post Share on other sites
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