Kuwait briefly halted all its oil exports on Thursday due to a dust storm and bad weather.
Four oil majors — ExxonMobil, Royal Dutch Shell , Total and BP — had each held 9.5 per cent equity stakes in the ADCO concession since the 1970s.
The plant in Jubail will go offline on March 1, the company said in a bourse statement,
The suspension will remain until further notice when the weather conditions improve, a spokesman said.
That marks the lowest term price for Kuwait Petroleum Corp since its December 2008 to November 2009 contract.
Under Saudi guidance, OPEC decided last November not to cut output, allowing oil prices to plunge.
Oil stockpiles in member countries of the OECD may approach a record 2.83 billion barrels by mid-2015, said the IEA.
OPEC ministers and delegates have blamed non-OPEC producers such as Russia, Mexico and Kazakhstan, as well as U.S. shale oil production, for the oversupply in the market.
The IEA said that supplies remained abundant and that it would take time for investment cuts to make more than a relatively small dent on production, keeping prices low.
ADNOC holds a 70 per cent share in the fields development venture, while Occidental holds 30 per cent, a statement said.
The contracts were awarded to a consortium involving Italy’s Maire Tecnimont and Greece’s Archirodon, Spain’s Tecnicas Reunidas, and the UAE’ National Petroleum Construction Co.
Oil revenues currently contribute 30 per cent to the UAE’s overall GDP.
In a monthly report, OPEC forecast demand for the group’s oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous figure.
The country has diversified into sectors such as clean energy and industry, said Sheikh Mohamed Bin Zayed.
BP and Shell were asked to raise their signing bonus, a source told Reuters, in line with France’s Total, which has already renewed its concession.
S-Oil said will supply up to 14 million barrels of diesel, including ultra-low-sulphur diesel and low-sulphur diesel, and up to 14 million barrels of light naphtha to Saudi Aramco.
Fahad al-Mubarak gave no indication that the government actually planned concrete action.
The Saudi oil ministry has allocated an extra 10 million cubic feed a day (scfd) of ethane from July 1, Kayan said.
Brent crude prices reached a near six-year low of around $45 in January.
The average price of petrol around the world ranged around $1.04 per liter, according to GlobalPetrolPrices.com
The refinery has started production at the crude unit and a hydrotreater and is currently producing gasoil, jet fuel and naphtha.
The company is offering two 40,000-tonne cargoes for loading in March from Mesaieed.
Bapco signed a January to December 2015 term contract with Emirates National Oil Company (ENOC), traders said.
On Feb. 6, the 400,000 barrels per day refinery will load a 60,000 tonne cargo of gasoline on the Serengeti.
Patrick Pouyanne said that despite the fall in oil prices, the company would maintain investments in its big projects.
Suhail Mohammed Al Mazroui told the Federal National Council that the government has submitted a proposal to the cabinet that will enable consumers to benefit from lower oil prices.
The company will close its Qatar plants for a total of 158 days in the first three months of the year, compared to 292 days of closures in 2014.
Some OPEC members say that prices are likely to remain high in the first half of this year.
A member of Federal National Council is expected to take up the issue of high fuel costs in the UAE in the backdrop of crude prices.
Aramco has put on hold its deepwater oil and gas exploration and drilling activities in the Red Sea because of high costs, sources said.