Wafra Oil Find Boosts Saudi, Kuwait Reserves and Global Energy Security

Jafurah Gas Field in Saudi Arabia. (Saudi Aramco)
Jafurah Gas Field in Saudi Arabia. (Saudi Aramco)
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Wafra Oil Find Boosts Saudi, Kuwait Reserves and Global Energy Security

Jafurah Gas Field in Saudi Arabia. (Saudi Aramco)
Jafurah Gas Field in Saudi Arabia. (Saudi Aramco)

Saudi Arabia and Kuwait announced a new oil discovery on Tuesday in the divided zone between the two countries, marking the first such find since production resumed in the area in 2020.

Located about 5 kilometers north of the Wafra field, the new well, named Wara Burgan-1, has shown a flow rate exceeding 500 barrels per day with an API gravity of 26–27.

The discovery is expected to boost the two Gulf nations’ proven oil reserves and underscores their role in securing stable energy supplies for global markets. The announcement signals a renewed momentum in exploration and production in the shared neutral zone, which holds significant untapped hydrocarbon potential.

The find is particularly notable due to its proximity to the Wafra field, which forms part of the southern extension of the vast Burgan field in Kuwait, one of the largest oil fields in the world. The strategic location lends additional weight to the discovery, being near established reserves with proven productivity.

Reviving joint operations

The divided zone, rich in hydrocarbons, is jointly administered by Kuwait and Saudi Arabia and includes two main oilfields: Khafji and Wafra. In 2019, both countries signed an agreement to resume and regulate oil output in the area after years of suspended operations.

In July 2023, the Kuwait-Saudi Joint Permanent Committee met to discuss expediting oil projects in the zone, including joint operations in both Khafji and Wafra, according to a statement by Kuwait’s Ministry of Oil at the time.

Strengthening energy security

Energy experts hailed the new discovery as a milestone that reflects the natural wealth of the neutral zone and supports the long-term energy security of both countries.

Dr. Mohammed Al-Sabban, former senior adviser to the Saudi oil minister, told Asharq Al-Awsat that the find reinforces the region’s global and regional economic significance, increasing both countries’ oil reserves at a time of market uncertainty.

He said recent discoveries of both oil and gas were contributing positively to the economic outlook of Gulf states.

“The announcement confirms the area’s resource richness and supports investor confidence amid global oil market volatility,” Al-Sabban said, adding that Saudi Arabia's recent energy sector announcements have expanded its reserves and bolstered its economic resilience.

Market stability and strategic depth

Economist Ahmed Al-Shahri said the discovery aligns with Saudi Arabia’s strategy to maintain its position as the largest oil producer within OPEC and to secure additional proven reserves. He said it also contributes to stabilizing global energy markets.

“This development enhances the credibility of both Kuwait and Saudi Arabia as reliable energy suppliers,” Al-Shahri told Asharq Al-Awsat. “It also demonstrates the strength of their energy partnership and their commitment to supporting global energy security.”

Broader exploration success

Earlier this year, Saudi Aramco announced the discovery of 14 new oil and gas reservoirs across the Eastern Province and the Rub’ al-Khali Desert. These included six new oil fields, two oil reservoirs, two gas fields, and four gas reservoirs.

These discoveries further solidify Saudi Arabia’s standing as a global energy leader and expand the country’s hydrocarbon resource base.

They are expected to open new avenues for economic development and enable the Kingdom to meet both domestic and international energy demands efficiently and sustainably for decades.

Officials say these efforts are aligned with Saudi Arabia’s Vision 2030, which aims to maximize the benefits of its natural resources and ensure long-term energy security.



Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 


World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 


Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.