Brent crude, the most widely-traded benchmark, was up 28 cents, or 0.42 per cent, at $66.67 per barrel at 3.45pm UAE time on Tuesday. West Texas Intermediate was up 16 cents at $60.68 per barrel. AFP
Kuwaiti Foreign Minister Ahmed Al Mohamed meets Saudi Energt Minister Prince Abdulaziz bin Salman in Kuwait City. Kuwait and Saudi Arabia have signed a preliminary agreement on dividing up oil production in the neutral zone. AFP
Kuwaiti Oil Minister Khaled Al Fadhel and Prince Abdulaziz bin Salman pose for a group photo with employees of the Kuwait Gulf Oil Company and Saudi Arabian Chevron, during a ceremony marking the signing of an agreement to reproduce oil in the neutral zone between the two countries, at Wafra about 100 kilometres south of Kuwait City. AFP
Kuwaiti Foreign Minister Ahmed Nasser Al Mohamed walking alongside Oil Minister Khaled Al Fadhel and Saudi Oil Minister Prince Abdulaziz bin Salmanat the Kuwaiti Foreign Ministry headquarters in Kuwait City. AFP
The Agreement could bring 500,000 barrels per day of crude supply back into the global oil market. AFP
Two major oilfields in the neutral zone between Saudi Arabia and Kuwait, the onshore Wafra field and the offshore Khafji, have ceased production since 2014 and 2015. AFP
Kuwaiti Oil Minister Khaled al-Fadhel speaks during a ceremony marking the signing of an agreement to reproduce oil in the neutral zone between Kuwait and Saudi Arabia, at Wafra about 100 kilometres south of Kuwait City. AFP
Crude pumped from the zone by the two countries stood at about 300,000 bpd before production was halted. AFP
The type of oil produced in the zone is a heavy sour crude, which has complex refining needs and is, therefore, sold at a discount to other crude products in the region. AFP
In the short term, there is not likely to be a major impact on additional supply from the zone entering into the market, analysts say. AFP
Brent crude, the most widely-traded benchmark, was up 28 cents, or 0.42 per cent, at $66.67 per barrel at 3.45pm UAE time on Tuesday. West Texas Intermediate was up 16 cents at $60.68 per barrel. AFP
Kuwaiti Foreign Minister Ahmed Al Mohamed meets Saudi Energt Minister Prince Abdulaziz bin Salman in Kuwait City. Kuwait and Saudi Arabia have signed a preliminary agreement on dividing up oil production in the neutral zone. AFP
Kuwaiti Oil Minister Khaled Al Fadhel and Prince Abdulaziz bin Salman pose for a group photo with employees of the Kuwait Gulf Oil Company and Saudi Arabian Chevron, during a ceremony marking the signing of an agreement to reproduce oil in the neutral zone between the two countries, at Wafra about 100 kilometres south of Kuwait City. AFP
Kuwaiti Foreign Minister Ahmed Nasser Al Mohamed walking alongside Oil Minister Khaled Al Fadhel and Saudi Oil Minister Prince Abdulaziz bin Salmanat the Kuwaiti Foreign Ministry headquarters in Kuwait City. AFP
The Agreement could bring 500,000 barrels per day of crude supply back into the global oil market. AFP
Two major oilfields in the neutral zone between Saudi Arabia and Kuwait, the onshore Wafra field and the offshore Khafji, have ceased production since 2014 and 2015. AFP
Kuwaiti Oil Minister Khaled al-Fadhel speaks during a ceremony marking the signing of an agreement to reproduce oil in the neutral zone between Kuwait and Saudi Arabia, at Wafra about 100 kilometres south of Kuwait City. AFP
Crude pumped from the zone by the two countries stood at about 300,000 bpd before production was halted. AFP
The type of oil produced in the zone is a heavy sour crude, which has complex refining needs and is, therefore, sold at a discount to other crude products in the region. AFP
In the short term, there is not likely to be a major impact on additional supply from the zone entering into the market, analysts say. AFP
Brent crude, the most widely-traded benchmark, was up 28 cents, or 0.42 per cent, at $66.67 per barrel at 3.45pm UAE time on Tuesday. West Texas Intermediate was up 16 cents at $60.68 per barrel. AFP
