Saudi Arabia and Kuwait End Dispute Over Shared Oil Fields, Deal Benefits Chevron

Kuwaiti Oil Minister Khaled al-Fadhel (R) and Saudi Oil Minister Prince Abdulaziz bin Salman (L) speak 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 on Dec. 24, 2019. YASSER AL-ZAYYAT/AFP via Getty Images

Saudi Arabia and Kuwait signed an agreement on Dec. 24 that ended a five-year-old dispute over two shared oil fields in neutral territory. The deal is likely to benefit American oil giant Chevron.

The agreement that divides the neutral zone between the two countries will mean that pumping can resume at the offshore Khafji field and onshore Wafra field. It was signed between the Saudi Minister of Energy, Prince Abdulaziz Bin Salman Al-Saud, and Kuwait’s Foreign Minister, Sabah Al-Khalid Al-Sabah, according to KUNA, Kuwait’s official news agency.