Content creators mean business
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Saudi Arabia and Kuwait signed an agreement on Tuesday to resume pumping at two major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement, officials said.
Kuwait’s oil minister Khaled al-Fadhel said on Twitter that the memorandum of understanding signed with Saudi Arabia included “the resumption of production in the divided zone.”
Agencies reported that the two countries also signed an agreement on the demarcation of land and maritime borders in the neutral zone.
KUNA did not give details on the contents of the deal which likely revolves around amending previous border agreements between the two Arab nations.
The two fields were pumping some 500,000 barrels per day before production was halted, first at Khafji in October 2014 and then at Wafra seven months later, over a dispute between the neighbours.
Riyadh said at the time that the decision was due to environmental issues.
The oil produced in the neutral zone in the border area is shared equally between the two nations.
Khafji, an offshore field, was jointly operated by Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations, while the onshore Wafra field was operated by KGOC and Saudi Arabian Chevron.
Kuwait had blamed Saudi Arabia for unilaterally halting output at Khafji, noting it was entitled to five years’ notice under a joint agreement signed in 1965.
The two countries have been negotiating to resolve the row and resume production since June 2015.
The talks involved Kuwait’s Emir Sheikh Sabah al-Ahmad Al-Sabah visiting Riyadh and Saudi Crown Prince Mohammed bin Salman visiting Kuwait City.
Tuesday’s agreement comes as oil prices are under pressure due to abundant reserves and weak global economic growth.
Continued soft pricing has prompted OPEC and its allies to make deeper production cuts starting next month.
OPEC kingpin Saudi Arabia pumps just under 10 million barrels per day (bpd), while Kuwait produces around 2.7 million bpd.
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Paneer, once alien to the South, has found a lucrative market in Chennai
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Carriers claim that all measures — including pre-flight tests, cabin sanitisation and fresh air inflow — have ...
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
High valuation, intensely competitive landscape and small cap nature of the stock are key risks.
Amid choppiness, the benchmark indices slipped marginally; approach the week with caution
SBI Cards (₹1,032.7): Witnesses fresh breakoutBetween September and December last year, the stock of SBI Cards ...
A virus swept aside 2020 plans to mark the 250th year of the birth of Beethoven. We need the German composer’s ...
Marie leaned back in the chair, holding the brandy to her chest, the rain tapping on the windowpanes. She ...
The story of the 21-gun salute goes back a long way
The current India team didn’t just clinch a series in Australia. It also tugged at the heartstrings with ...
Social media influencers are flipping the rules by first getting followers and then launching products and ...
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Paneer, once alien to the South, has found a lucrative market in Chennai
The Flipkart kids playing adults are back — this time to push the home grown e-commerce marketplace’s grocery ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor