Chevron Corp. will resume oil exports from Saudi Arabia and Kuwait

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One of the world’s largest energy companies, the American Chevron Corp. in July, intends to resume oil exports from its joint ventures with the governments of Saudi Arabia and Kuwait. In this regard, it is expected that the level of production will increase by about 80 thousand barrels per day.

At the same time, officials in Saudi Arabia said that they would balance any increase in production at the enterprise with reductions in other places to meet the terms of the deal.

New OPEC + agreements started in May with a reduction in oil production of 9.7 million barrels per day for two months, and on June 6 this condition was extended to July. Further, the volume of reductions will decrease to 7.7 million barrels per day for the period until the end of the year and 5.8 million to the end of April 2022. The base of reference was taken in October 2018, but for the Russian Federation and Saudi Arabia – an indicator of 11 million barrels per day, of which, by analogy, there is a decrease of 23%, 18% and 14%, respectively.

At the same time, countries that failed to fulfill their obligations in May and June, pledged to compensate for this in July-September, said Prime. Among such countries, Iraq, Kazakhstan, Angola, and Nigeria were previously called.