Saudi Arabia and Kuwait said Tuesday that they were ending a long-running dispute over an oil-rich strip of land shared by the two countries, a move that will allow as much as 500,000 barrels of crude per day to return to the world market.

The news was welcomed by Chevron, the big American producer that has an agreement to pump oil from some of those fields.

The deal, marked with a signing ceremony in Kuwait with officials from both countries, gives Saudi Arabia access to a kind of heavy crude that is in short supply in world markets. And it is a likely to be seen as the latest in a series of wins for the Saudi energy minister, Prince Abdulaziz bin Salman, who was named to the job in September and recently presided over the initial public offering of Saudi Aramco, the national company and the world’s largest oil producer.

But the opening of additional spigots of oil may be a mixed blessing because the Organization of the Petroleum Exporting Countries and Russia agreed this month to reduce output to prop up prices.