Kuwait and Saudi Arabia have reached an agreement to suspend crude oil production in the Al-Khafji oil field jointly operated by the two parties in the neutral zone.

OPEC member countries such as Saudi Arabia and Kuwait and Russia and other non-OPEC oil producers reached a historic reduction agreement in April to help alleviate the severe oversupply situation in the global oil market.

Both Saudi Arabia and Kuwait indicated that they will further increase their production cuts on the basis of the production cut quotas agreed in the production cut agreement in June.