The emirate, which provided water for free to UAE citizens, will charge a fee of Dhs1.7 per 1,000 litres for Emiratis from next year.
Saudi Arabia will use the extra output to meet its own rising energy demands, including both power generation and water desalination.
Saudi Arabia’s oil minister said that the Kingdom wanted to work “with other producers to ensure price stability for the interest of producers, consumers and the industry at large”.
Once complete, the terminal will be capable of supplying an average of 1.2 billion standard cubic feet (bcf) of natural gas per day to the UAE.
In a monthly report , OPEC forecasted that demand for the group’s oil will drop to 29.20 million barrels per day (bpd) next year — almost one million bpd less than its current levels.
Iran’s oil minister Bijan Namdar Zangeneh discussed the developments in the oil market with Kuwait’s emir, the Iranian news agency reported.
The major oil exporter’s public spending was 6.12 billion dinars in April-September, below 11.61 billion dinars originally planned for the period.
The firm cited a higher effective tax rate for the decrease in profit.
The company received $71 million in cash from operations and cash collections in the third quarter.
International oil prices have fallen by around 30 per cent since June, as fast-rising U.S. shale production has contributed to growing supplies.
Output is expected to reach a peak rate of around 15,000 barrels of oil per day (bopd) as the wells are completed at the Manora oil field, the company said.
The middle distillates market was hit by high supplies this year compared to last, which may have affected the term premium.
Qatar’s economy depends heavily on state spending funded by the coutnry’s gas exports but energy prices still appear far from levels that would stress government finances.
The official said that the oversupply is mainly caused by shale oil revolution in the market.
Iranian Oil Minister Bijan Namdar Zangeneh visited Doha on Monday and delivered a message from President Hassan Rouhani to Qatar’s Emir calling for cooperation.
The state-owned crude oil producer currently produces 1.6 million barrels per day.
A petrol price hike would probably have a much bigger impact on consumers than the diesel and kerosene changes.
The executive said that the fluctuating oil prices does not overshadow Saudi Aramco’s long-term commitment.
Abdullah al-Badri said both producers and consumers would be happy with oil prices in a broad range around $100 per barrel.
Kuwait’s oil minister also said he believed surplus production in the oil market would be absorbed soon, but that the extent of the surplus was not clear.
The agreement allows UAE easy access to Asian markets while giving Japan priority access to reserves if Japan is in short supply of crude.
The project is expected to have a capacity of nine million tonnes a year.
Abdullah al-Badri said it was up to OPEC member countries to decide how to respond to the oil price drop.
Brent crude futures have fallen 27 per cent since the start of July and 12 per cent in the last month.
The accident took place on Wednesday near Sudair area some 250 km (156 miles) north of Riyadh.
The African nation hopes to get shipments as early as next year to use in generating power.
Brent crude oil futures sank more than $2 a barrel on Tuesday to a four-year low of $82.32.
Kuwait has said it would ship around two million barrels of crude oil a month to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market.
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
H. E. Mohammed Bin Jarsh’s predictions also included a shift to membrane technology for water production.