Cutting output unilaterally would effectively mean for OPEC, which accounts for a third of global oil output, a further loss of market share to North American shale oil producers.
Kuwait’s stand comes as Gulf OPEC members reached a consensus to not cut output to stem oil price fall.
Al Naimi did not specify if the Gulf countries were in favour of a output cut ahead of a key OPEC meeting on November 27.
OPEC leader Saudi Arabia signalled on Wednesday it was unlikely to push for a major change in oil output.
The complex had been scheduled to be completed in late 2016, but industry sources said that it faced delays of six to 12 months because work on associated infrastructure was behind schedule.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna.
Saudi has kept the market guessing about its response to crude’s fall amid rapidly rising U.S. shale output.
Oil prices have fallen 30 per cent since June to below $80 per barrel.
Key will be what OPEC’s biggest producer, Saudi Arabia, decides, with some analysts expecting no price supporting action from the Kingdom.
Saudi’s oil minister brushed off questions about tumbling oil prices and surplus supplies.
The company plans to invest in a new refinery and a clean fuels project, its chief executive said.
WAM also cited Mazroui as saying that lower oil prices “will not constitute a disaster for the UAE”, noting that the UAE has managed to diversify its economy away from oil.
The Fadhili gas plant is due to be in operation by the third quarter of 2018.
Petrochemical revenues from the region grew by $6 billion between 2012 and 2013, increasing 7.3 per cent, a new report shows.
Iran’s oil minister will meet his Saudi counterpart in Vienna to persuade the oil giant for cuts in oil production and supply, state news agency said.
Oil prices have fallen by 30 per cent since June to around $80 a barrel, alarming some OPEC members.
In the past two weeks, Zanganeh has visited Gulf Arab states Qatar, Kuwait and the UAE in a bid to win support for action to stabilise oil markets.
The funds will be used by Kayan to fund an increase in working capital and complete factories under construction.
Kufpec is responsible for exploration, development and production of crude oil and natural gas outside Kuwait.
Aramco produces almost 9.5 million barrels a day.
Saudi Arabia shipped 6.722 million bpd of crude in September, up from 6.663 million in August but lower than July’s 6.989 million, data showed.
Suhail bin Mohammed al-Mazroui also said that the country did not have a target for oil prices.
The five-year offering received investor orders worth SAR2.43 billion.
The project will be connected to DEWA’s grid through a low-voltage distribution board while also being used as a learning tool for the deployment of solar PV rooftop installations in Dubai.
With the price of Brent crude oil now below $80 a barrel, down from around $115 in June, the Saudi government may post a budget deficit next year.
Benchmark brent crude dipped to a four-year low of under $80 per barrel last week, compared with a June high above $115.
Dow Chemical announced last week that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures.
Zanganeh did not name the countries but he may have been referring to Saudi Arabia, a dominant force within the Organization of the Petroleum Exporting Countries.
Saudi Arabian Finance Minister Ibrahim Alassaf was replying to a question on whether the recent plunge in oil prices was on the G20 agenda.
The comments come ahead of a pivotal OPEC meeting on Nov. 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 per cent.