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.
The shutdown, which will start on Wednesday, will boost efficiency and production, Sipchem said in a bourse filing.
Under the current 2014 contact, Tasweeq supplies three cargoes a month to the UAE.
The 40-page synthesis said that global warming is causing more heat extremes, downpours, acidifying the oceans and pushing up sea levels.
The Kindgom is expected to raise the December prices for most of the crude grades it sells to Asia.
The total value of Saudi oil aid since July 2013 has amounted to about $5 billion.
Yanbu Aramco Sinopec Refining Co (Yasref) refinery started trial runs in September and originally planned its first exports by November.
The price of benchmark North Sea Brent crude has dropped more than a quarter from a high above $115 per barrel in June.
Tasweeq will cut exports to 350,000 barrels per day (bpd) from the current levels of 500,000 bpd.
Wasit will be one of the largest gas plants not linked to oil wells ever built by Saudi Aramco.
Kuwait’s oil minister Ali al-Omair said that he hoped oil prices would soon stabilise at a “level that benefits producers and importers”.
Kuwaiti Foreign Ministry undersecretary Khaled al-Jarallah said relations between the two countries were too strong to be affected by discrepancies over oil output from the field.
The company made SAR2.67 billion during the third quarter, compared to SAR2.85 billion during the same period of the previous year
SABIC chief executive Mohamed al-Mady said that population growth will push up consumption and oil prices.
SABIC, which is 70 per cent state-owned, attributed the fall in profits to a drop in sales and other income, although its cost of financing was lower.
Oman has been considering ways to reform its costly and sometimes wasteful subsidy system, though reductions in spending would be politically sensitive
The firm made a net profit of Dhs95.86 million ($26.1 million) in the three months ending Sept. 30, up from Dhs75.11 million in the year-earlier period, it said in a statement.
Saudi produced 9.70 million barrels of crude oil per day in September, but its supply to the market fell to 9.36 million bpd during the month.
SABIC and Shell first announced plans to explore an expansion of their petrochemical plant in 2012.
The firm is seeking to secure or arranging finance for $15 billion worth of projects, nearly half of which are in renewable energy.