(Bloomberg) — Chevron Corp. could start oil production “relatively quickly” in the so-called partitioned zone between Saudi Arabia and Kuwait if required to by both nations, Chief Executive Officer Mike Wirth said in an interview with CNBC.The zone can produce as much as 500,000 barrels a day but has been shuttered for at least four years due to a dispute between the two countries.Key TakeawaysThe partition zone, or PZ, is one of several non-producing fields across OPEC countries that could be restarted to fill a void in global oil supply, Wirth said after an attack on Saudi Arabian oil facilities reduced output from the world’s largest crude exporter.Kuwait officials said in July that the country is in talks with Saudi Arabia over restarting production from the field.The two sides resolved the major issues and only had technical points remaining, a person familiar with the discussions said in July.More from the CNBC interviewPresident Trump is doing “exactly the right thing” in authorizing releases from the U.S.’s Strategic Petroleum Reserve, Wirth said.It’s too early to assess the long-term impact on oil prices but the market has become too comfortable with geopolitical risk, he said. “These events demonstrate that these risks are real.”U.S. shale producers won’t immediately be able to increase production to fill the void, Wirth said. “You can’t just flip a switch.”Get MoreSee the full interview here.To contact the reporter on this story: Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Catherine Traywick, David MarinoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

source https://finance.yahoo.com/news/chevron-resume-saudi-kuwait-oil-230703176.html?.tsrc=rss