Saudi Arabia and Kuwait Find New Oil

Saudi Arabia and Kuwait discovered a lot of oil in an area they share called the neutral zone. This is the first big oil find there since 2020.

The new oil well can produce more than 500 barrels of oil every day. It's located in the North Wafra area, about five kilometers from another oil field.

This discovery is very important because it shows both countries can supply oil to the world reliably. The neutral zone has two main oil areas - one on land called Wafra and one in the ocean called Khafji. Both stopped making oil in 2014-2015 but started again in 2020.

Oil experts say finding new oil is always good news because the world still needs more oil as old wells produce less over time. However, both countries belong to OPEC, a group that controls how much oil gets sold to keep prices stable.

Recently, Saudi Arabia found 14 new oil and gas fields, while Kuwait discovered huge amounts of oil and gas in another location. These discoveries help ensure both countries can meet energy needs for many years.

Oil prices have been under pressure lately due to worries about too much supply and uncertain demand. Currently, oil costs around $64-65 per barrel.