Strange, is it not, that an agreement has suddenly been reached between Saudi Arabia and neighbouring Kuwait on the oil and gas fields that they share in the ‘Neutral Zone’ after a bitter dispute that showed no sign of ending after nearly five years? Aside from the pure peculiarity of this sudden announcement, there is the fact that the deal will throw another 500,000-600,000 barrels per day (bpd) of oil into an already saturated market, against a declining demand profile, at a time when Saudi for one needs the oil price around US$84 per barrel just to allow this year’s budget to break even. Add to this the fact that half of the new output will be added to Saudi Arabia’s production figure (and the other half to Kuwait’s) at a time when Saudi is supposed to be setting the primary example on compliance with the latest OPEC+ oil […]