Kuwait, Saudi Arabia to suspend oil output from joint field in June

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.