A senior official said that gas will be transported by sea from Russia to Bahrain but did not specify the amount of gas that will be imported.
The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September.
The fuel retailer said that the price reduction is in line with the international crude oil price trends.
The Kingdom will continue spending on development projects and social benefits in 2015, its finance minister said.
Oil has lost almost half its value since this year’s peak of $115 per barrel in June on slower global demand and the U.S. shale oil boom.
Oil fell to close to $59 a barrel for the first time since May 2009 on Tuesday.
The development of oil prices is being studied by individual countries, the official said.
Oil futures have almost halved since June amid rising output and cooling demand.
GCC states should rein in state spending, but in a gradual way to avoid hurting economic growth.
The country’s large fiscal reserves will allow it to keep spending on development projects.
UAE Oil Minister Suhail Bin al-Mazroui’s came as brent prices neared $60 a barrel.
Dana warned that the Kurdistan’s government could face sanctions if the autonomous region failed to pay the money to its consortium.
Deep price cycles are inherent in capital intensive industries like oil and mining, writes Reuters columnist John Kemp.
Officials are estimating budget spending at KD19 billion in the fiscal year starting next April.
UAE minister of energy ruled out a cut in OPEC’s production or an emergency meeting soon to stabilise the falling oil prices.
OPEC Secretary-General said that Gulf countries should continue to invest in oil exploration despite the decline in oil prices.
ORPIC had said on Dec. 5 that it had put out a fire at one of the naphtha treatment units at the refinery in Muscat.
The IEA slashed its outlook for global oil demand growth for 2015 by 230,000 barrels per day to 900,000 bpd.
The state-owned firm said that it will take a 30 per cent working interest in the new exploration blocks in the event of a commercial discovery.
Several industries such as manufacturing and aviation will benefit from lower oil prices, he said.
The January OSP, down $1.85 a barrel from the previous month, is Kuwait’s lowest since December 2008, Reuters data showed.
The current stance of Saudi is seen as a shift from its longstanding policy to act as a swing supplier, analysts say.
OPEC forecast demand for the group’s oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation.
The price of the North Sea oil benchmark has fallen more than 40 per cent since June.
The Algerian minister reiterated that oil prices were down because of low consumption and high supplies especially from non-OPEC petroleum-producing nations.
Prices have fallen over 40 per cent since June and brent crude hit $65.33 a barrel on Tuesday, its lowest since September 2009.
Saudi Arabia climate deal negotiator said that the new climate change policy should address the vulnerabilities of countries reliant on oil.
Saudi Arabia blocked calls last month from poorer members of the OPEC for production cuts to arrest a slide in global prices.
US investment bank Morgan Stanley said oil prices could fall as low as $43 a barrel next year.
The $20 billion Barakah project, funded by the Abu Dhabi government, is expected to provide 24 per cent of the UAE’s energy by 2020.