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Saudi Arabia and Kuwait Settle Dispute Over Oil Fields

December 24, 2019

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Saudi Arabia and Kuwait said Tuesday that they were ending a long-running dispute over oil fields in a strip of land between the two countries.

The agreement was reported in a Twitter message by the Saudi oil ministry and on the website of the official Kuwait News Agency.

The deal between the two Persian Gulf producers should gradually allow around 500,000 barrels of oil to come back to the market per day. The availability of new supplies may be something of a mixed blessing because the Organization of the Petroleum Exporting Countries and Russia are already reducing output to prop up prices. Analysts said that the Saudis and Kuwaitis would probably compensate by dialing back output at other fields. On Tuesday morning oil prices were little changed, coming in around $66 a barrel for Brent crude, the main international benchmark.

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