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.”



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.