Link

Re-awakening the Neutral Zone


  • The Wafra field was discovered in 1953, and in 1960, Japan's Arabian Oil Company (which held an offshore concession awarded by Saudi Arabia in 1957 and another awarded by Kuwait in 1958) discovered the giant Khafji offshore field.
  • The unique status of the Neutral Zone is exemplified by its structure – its largest onshore oil field (Wafra) is operated by Chevron, the only remaining place in Saudi Arabia and Kuwait where a major asset is held by an international firm.
  • More tit-for-tat moves escalated and eventually Saudi Arabia shut down Khafji in October 2014 and the entire Neutral Zone in May 2015, removing 500,000 b/d of crude oil from the market in one fell swoop.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit original link

https://nrgedge.net/article/1562580308-re-awakenin...

saudiKuwaitNeutral ZoneUqair ConventionKhafjiWafraPartitioned ZoneArabi

More items from huishan


Your Weekly Update: 23 - 27 March 2020

With falling demand and increasing supply, the front-month price of the U.S. benchmark crude oil West Texas Intermediate (WTI) fell from a year-to-date high closing price of $63.27 per barrel (b) on January 6 to a year-to-date low of $20.37/b on March 18 (Figure 1), the lowest nominal crude oil pr ...

Hui Shan


Posted 6 days agoLink > Oiloil and gas newsOil and Gas Industry +7

This Week in Petroleum: Oil market volatility is at an all-time high

With falling demand and increasing supply, the front-month price of the U.S. benchmark crude oil West Texas Intermediate (WTI) fell from a year-to-date high closing price of $63.27 per barrel (b) on January 6 to a year-to-date low of $20.37/b on March 18 (Figure 1), the lowest nominal crude oil pr ...

Hui Shan


Posted 7 days agoLink

Potential Outcome Scenarios for Covid-19 And Oil Markets

There are two items dominating the headlines in the energy sector at the moment: the global Covid-19 pandemic and the alarming decision of Saudi Arabia and Russia to go head-to-head in a price war. Scenario 2: Fast Covid-19 containment but slow resolution to the price war or Prolonged Covid-19 pa ...

Hui Shan


Posted 13 days agoLink > Covid19ChinaItaly +8

Your Weekly Update: 16 - 20 March 2020

There are two items dominating the headlines in the energy sector at the moment: the global Covid-19 pandemic and the alarming decision of Saudi Arabia and Russia to go head-to-head in a price war. Scenario 2: Fast Covid-19 containment but slow resolution to the price war or Prolonged Covid-19 pa ...

Hui Shan


Posted 13 days agoLink

SHORT-TERM ENERGY OUTLOOK

Saudi Arabia and Russia are both by far some of the lowest-cost oil producers in the world, flipping the narrative to a race for market share instead of an attempt to preserve prices. Caught in the middle will be OPEC members counting on steady oil prices to keep their economies afloat (Iran, Ira ...

Hui Shan


Posted 20 days agoLink
All posts from huishan