Saudi Arabia and Kuwait have discovered a new oil field

The authorities of Saudi Arabia and Kuwait have discovered a new oil field in the neutral zone. This was reported on May 26 by the Saudi state agency Saudi Press Agency.

"Oil flowed from the Vara reservoir in the Severnaya Vafra well (Vara-Burgan-1) with an intensity of more than 500 barrels per day, and its API density ranges from 26 to 27 degrees," the material says.

It is specified that this is the first opening since the resumption of production operations in the neutral zone and the adjacent marine area. It will strengthen the positions of Middle Eastern states as global energy suppliers, as well as expand their capabilities in the exploration and production sector, the article emphasizes.

Around the axis: where will oil quotes move in the coming weeks

The cost of oil is influenced by dissimilar factors

On May 19, Reuters reported that oil prices fell amid a downgrade in the U.S. credit rating and data indicating a slowdown in Chinese production. According to Priyanka Sachdeva, a senior market analyst at Phillip Nova, the downgrade of the US credit rating by Moody's casts doubt on the prospects for the country's economy, and data on China indicate that the recovery will be long.