Saudi Crown Prince Sees A Deal With Kuwait To Restart Oil Fields
Category: Business
saudi-crown-prince-sees-a-deal-with-kuwait-to-restart-oil-fields_kuwait

Saudi Crown Prince Mohammed bin Salman said the kingdom has met its promise to Washington to make up for Iranian crude oil supplies lost through US sanctions. “The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that. And that happened,” Prince Mohammed told Bloomberg on Friday.

“Iran reduced their exports by 700,000 barrels a day, if I’m not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they’ve produced 1.5 million barrels a day. So we export as much as 2 barrels for any barrel that disappeared from Iran recently. So we did our job and more.” Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, Reuters reported this week.

US President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the US congressional elections on Nov 6. Benchmark Brent oil rallied above $86 this week mainly stemming from a decline in oil exports from OPEC member Iran due to fresh US sanctions. It settled at $84.16 a barrel on Friday.

Iran, OPEC’s third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to US pressure. Saudi Arabia is the world’s top oil exporter and OPEC’s de-facto leader. The Saudi crown prince said the recent rise in oil prices was not due to Iran. “We believe the higher price that we have in the last month, it’s not because of Iran. It’s mostly because of things happening in Canada, and Mexico, Libya, Venezuela and other countries that moved the price a little bit higher,” he told Bloomberg. “But Iran, definitely no. Because they reduced 700,000 barrels and we’ve exported more than 1.5 million barrels a day.”

Saudi Arabic is now pumping about 10.7 million barrels per day and can add a further 1.3 million bpd of production “if the market needed that,” Prince Mohammed said. “We have spare capacity of 1.3 million without any investment… And with other OPEC countries and non-OPEC countries we believe we have more than that, a little bit more than that,” he said. “Of course there is opportunity for investment in the next three to five years.” Saudi Arabia is the only oil producer with significant spare capacity on hand to supply the market if needed. The kingdom has a maximum sustainable capacity of 12 million bpd.

Prince Mohammed also said he hoped to resume oil production from the Neutral Zone, which Saudi Arabia shares with Kuwait, after resolving pending issues between the two Gulf OPEC allies. “We believe that we are almost close to having something with Kuwait. There are only small issues that have been stuck there for the last 50 years.

The Kuwaiti side, they want to fix it today, before we continue to produce in that area,” he said. “We’re trying to have an agreement with the Kuwaitis to continue to produce for the next five to 10 years and at the same time, we work on the sovereignty issues.” The crown prince fl ew to Kuwait on Sunday to discuss the resumption of oil output from the Neutral Zone, a source familiar with the matter had told Reuters. The resumption of the Neutral Zone’s oilfields could add up to 500,000 bpd of oil output capacity to Saudi Arabia and Kuwait.

 

SOURCE : ARABTIMES

07 Oct, 2018 0 1121
Posted Comments
Popular News
crime-news-filipina-domestic-losses-life-in-kuwait-following-alleged-bad-treatment-of-employer-cucumber-was-also-found-inside-her-private-part_kuwait
Filipina Domestic Losses Life In Kuwait Following Alleged Bad Treatment Of Employer, Cucumber Was Also Found Inside Her Private Part KUWAIT CITY, May 16: Officials in the Philippines have called on the Kuwaiti government to investigate the apparent murder of a Filipino domestic worker, who was allegedly beaten to death and sexually... May 17, 2019 0 35719 Category: Crime News
kuwait-possibilities-of-war-in-the-region-are-high--precautionary-measures-in-kuwait_kuwait
Possibilities Of War In The Region Are High - Precautionary Measures In Kuwait KUWAIT CITY, May 16: Recent developments have been alarming and the government thinks the possibility of war in the region is high, taking into consideration the Amiri instructions for the leadership ... May 17, 2019 0 5888 Category: Kuwait
international-soheil-was-sentenced-to-death-for-his-facebook-post-against-prophet-muhammad_kuwait
Soheil Was Sentenced To Death For His Facebook Post Against Prophet Muhammad Soheil Arabi, a thirty-year-old man was sentenced to death by Iran's Supreme Court in crime for his Facebook posts that were linked to his profile. These posts were deemed to insult The Holy Proph... May 18, 2019 0 3214 Category: International
crime-news-young-vip-kuwaiti-attacked-by-an-indian_kuwait
Young VIP Kuwaiti Attacked By An Indian A 20-yearold Kuwaiti (VIP) living in Messilah and working for the Ministry of Defense has filed a complaint with the police accusing an Indian accompanied by a compatriot believed to be in his 60s of ... May 16, 2019 0 3185 Category: Crime News
kuwait-kuwait-emir-sheikh-sabah-al-ahmad-al-jaber-al-sabah-calls-army-to-prepare-for-regional-developments_kuwait
Kuwait Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah Calls Army To Prepare For Regional Developments Kuwait’s Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah on Monday evening called on the country’s armed forces to take the highest level of caution amid the “dangerous developments&rdq... May 18, 2019 0 2612 Category: Kuwait
filipinos-total-deployment-ban-sa-kuwait-hirit-ng-ilang-ofws-sa_kuwait
Total Deployment Ban Sa Kuwait, Hirit Ng Ilang OFWs Sa Hinihiling ng ilang overseas Filipino workers (OFW) sa pamahalaan na magpatupad ng total deployment ban sa bansang Kuwait dahil patuloy pa rin daw ang pagpatay at pagmamaltrato ng mga among Kuwaiti sa... May 18, 2019 0 2331 Category: Filipinos
kuwait-huge-crowd-at-paci-office--expats-paying-for-mistakes-of-employees_kuwait
Huge Crowd At PACI Office – Expats Paying For Mistakes Of Employees In contrast to the desired objective of the decision to cancel the residence sticker on the passport which was implemented March 10, 2019, it appears the decision has failed to eliminate bureaucracy a... May 16, 2019 0 1197 Category: Kuwait
international-emirati-woman-sentenced-to-death-for-killing-an-american-teacher-in-uae_kuwait
Emirati Woman Sentenced To Death For Killing An American Teacher In UAE The woman killed a kindergarten teacher identified as Romanian-born Ibolya Ryan, a mother of 11-year-old twins, by stabbing her in a toilet at an Abu Dhabi shopping mall. Al Arabiya did not name the w... May 16, 2019 0 1128 Category: International
international-dont-travel-to-iraq-americans-warned_kuwait
Don’t Travel To Iraq, Americans Warned The US has renewed warning to its nationals against traveling travel to Iraq due to growing risks of terrorism and kidnapping. “Do not travel to Iraq due to terrorism, kidnapping, and armed conf... May 17, 2019 0 1121 Category: International
crime-news-kuwaiti-man-leave-the-country-as-emirati-and-returning-to-kuwait-as-a-kuwaiti_kuwait
Left as Emirati And Returned Back as Kuwaiti A Kuwaiti has filed a complaint with the authorities accusing an immigration officer of creating a new database and helping a man to leave the country as ‘Emirati’ and returning to Kuwait ... May 19, 2019 0 1017 Category: Crime News
View All
Popular Offers
850-fils-and-1-kd-offers in kuwait
850 Fils And 1 Kd Of...
ramadan-kareem-4 in kuwait
Ramadan Kareem 4
ramadan-kareem-offers in kuwait
Ramadan Kareem Offer...
the-sultan-center-offers-13 in kuwait
The Sultan Center Of...
ramadan-special-offers- in kuwait
Ramadan Special Offe...
Popular Events
04 Jun, 2019
0
109
Category : Other
04 Jun, 2019
0
109
Category : Other
04 Jun, 2019
0
105
Category : Music
04 Jun, 2019
0
100
Category : Music
04 Jun, 2019
0
100
Category : Other
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment