Saudi Arabia and Kuwait, the oil-selling countries around the world, have settled a five-year-old dispute involving a common oil field. Both countries have agreed to resume oil production in the neutral zone. However, Saudi has made it clear that OPEC's commitment to reduce crude oil production due to this agreement will not be affected.
According to media reports, there is a divided zone between the land borders of both the neighbouring countries. Production in the oil field here was halted after a dispute in 2015. Before this ban, about three lakh barrels of oil were extracted daily. According to local media reports, the area has a capacity to produce half a million barrels of oil daily.
If you do not know then let us tell you that in order to end the dispute and start producing oil again in the region, both countries signed an agreement in this regard in Kuwait. The agreement was signed by Saudi Energy Minister Prince Abdulaziz bin Salman, who had been working towards resolving the dispute with the neighboring country for the last few years. Kuwait news agency reported that a grand ceremony was held for this special moment of agreement. During this time, Kuwait's Foreign Minister, Energy Minister and many other officials were present. Meanwhile, Saudi government news agency said that the agreement will not affect Saudi Arabia's commitment under which the production of crude oil It has been asked to reduce it to 97 lakh barrels per day.
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