Saudi Arabia, Kuwait urge full OPEC+ compliance with bloc deal to cut oil production

Saudi Arabia and Kuwait on Wednesday emphasized the significance of all OPEC+ countries to adhere to the bloc’s agreement to curtail oil production in order to serve the interests of both producers and consumers and bolster the growth of the global economy.

In a joint statement issued following the conclusion of Kuwait’s Emir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah to the Kingdom, the two countries noted their robust cooperation in the energy sector and highlighted the OPEC+ successful efforts in stabilizing the global oil markets.

They also agreed to strengthen cooperation in the oil and gas sector, including in areas such as clean technologies for hydrocarbon resources.

Regarding climate change, they decided to enhance cooperation on international climate policies, focusing on emissions rather than sources by adopting the circular carbon economy approach, encompassing the transportation, utilization, and storage of carbon. This approach aims to address carbon emissions sustainably and achieve the goal of reaching carbon neutrality.

Noting the expansion of Kuwaiti investors and companies’ operations in the Kingdom, the two countries expressed their eagerness to sign an agreement to prevent double taxation.

They also voiced their anticipation for the second session of the Saudi-Kuwaiti Coordination Council, scheduled to be held in Kuwait this year, and their commitment to implement agreed upon initiatives.

On the agreement they signed regarding the railway connection project between Saudi Arabia and Kuwait, they noted that it aims to enhance a sustainable railway link between the two countries, thereby boosting trade and economic growth.

On the Durra field, they reiterated that it lies within Kuwait’s maritime areas, and the natural resources in the divided submerged area, including the entire Durra field, are jointly owned by the Kingdom and Kuwait.

They added that they have full rights to exploit the resources in this zone and categorically reject any claims of rights by any other party in this field or the divided submerged area.