The event aimed at macroeconomic cooperation as well as multilateral and regional partnership among the countries.

The Saudi allies. in the meantime. have announced their plan to close air and sea transport links to Qatar.

Qatar says move is ".unjustified". and says it carries out its duties in the fight against terrorism.

In reality though. Qatar can block exports to certain countries by issuing so-called destination restrictions.

Saudi Arabia. the UAE. Egypt and Bahrain said on Monday they would sever all ties including transport links with Qatar.

Qatar airways the national flag carrier of the country operates regular flights to all major cities of Pakistan.

Qatar. like Saudi Arabia and the U.A.E.. is also a member of the Organization of Petroleum Exporting Countries.

Geopolitical consequences aside. market experts believe that the situation around Qatar may serve to become a positive factor for rising oil prices.

Russia does not expect the latest regional diplomatic crisis with Qatar to affect an agreement among major producers to cut oil output.

Japan’s biggest exploration and production company. Inpex. will consider bidding in the tender to develop Iran’s Azadegan oil field.