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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. Above, an oil facility in Saudi Arabia. (AFP file photo)
Kuwait and Saudi Arabia will halt oil production from the joint Al-Khafji field for one month starting June 1. Above, an oil facility in Saudi Arabia. (AFP file photo)
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22 May 2020 12:05:02 GMT9
22 May 2020 12:05:02 GMT9

Arab News

DUBAI: 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 official.

“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.

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