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Kuwaiti Oil Minister: Kuwait, Saudi Arabia Have 'Exclusive Rights' in Durra Gas Field

The Durra gas field. Asharq Al-Awsat
The Durra gas field. Asharq Al-Awsat
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Kuwaiti Oil Minister: Kuwait, Saudi Arabia Have 'Exclusive Rights' in Durra Gas Field

The Durra gas field. Asharq Al-Awsat
The Durra gas field. Asharq Al-Awsat

Kuwait and Saudi Arabia have "exclusive rights" in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first.

Iran has previously said it has a stake in the field and called a Saudi-Kuwaiti agreement signed last year to develop it "illegal".

"Until this moment, this is an exclusive right of Kuwait and Saudi Arabia in the Durra field, and whoever has a claim must start demarcating the borders. And if it has a right, it will take it according to the rules of international law," Al Barrak said in an interview with Saudi state-run Al Ekhbariya television.

"The other side has claims that are not based on a clear demarcation of the maritime borders," he added, referring to Iran.

There is no room for negotiations with Iran over Durra until it demarcates its own maritime borders in accordance with international laws, the minister said.

The minister insisted Kuwait and Saudi Arabia are “one team” when it comes to the gas field, which will be developed “for the benefit of both countries.”

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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.