This archive report was first published on 18 May 2020.
On May 16, 2020, Kuwait and Saudi Arabia announced a joint decision to halt oil production from the Al-Khafji field for one month, starting from June 1, as reported by Kuwait's Al Rai newspaper.
This move is part of a broader effort by the two countries and other members of the OPEC+ group to reduce global oil supplies and mitigate the impact of a glut in the market.
Both Kuwait and Saudi Arabia have also committed to making additional cuts beyond the agreed-upon curbs, in an effort to stabilize the global oil market.
