Arab News, Saturday, May 23, 2020 | Ramadan 30, 1441
Kuwait, Saudi Arabia to suspend oil output from joint field in June
Kuwait and Saudi Arabia will halt oil production from the joint Al-Khafji
field for one month starting June 1 following an output cut deal between OPEC
and non-OPEC countries, state news agency KUNA reported, citing a Kuwaiti
“The joint executive committee of Al-Khafji Joint Operations decided to suspend
production and close facilities,” Abdullah Al-Sumaiti, the acting CEO of Kuwait
Gulf Oil Company, said in a statement.
Sumaiti added the decision followed an OPEC+ agreement last month to cut 9.7
million barrels per day for the months of May and June in an attempt to stop the
steep decline in oil prices.