Saudi Arabia and Kuwait are close to signing an agreement which would see production in the Neutral Zone restart within 30 to 45 days, Bloomberg reported, citing an anonymous source close to the matter.
Once signed, the agreement would see production at Khafji resume immediately, while Wafra would need between three to six months before starting to produce hydrocarbons, the source told Bloomberg.
The fields can produced up to 500,000 barrels per day (combined), but it is unclear if this will have an immediate impact on oil markets–OPEC, which includes both Kuwait and Saudi Arabia, will extend output cuts into 2020.
