International

Libya and Nigeria have seen a significant increase in oil production in May and June.

The IEA believes the United States will be able to challenge Australia and Qatar for global leadership among exporters of liquefied natural gas.

Qatari banks. whose $50 billion external liabilities dwarf central bank reserves. may need more aid if the crisis deepens.

Last year Pakistan and Qatar had signed multi-billion dollar liquefied natural gas (LNG) deal.

Kazakhstan remains committed to its obligations under the global oil output cut deal between OPEC and non-OPEC members which lasts until April 2018.

The ministerial meeting will be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members currently participating in the oil output cutting deal.

A second Indian refiner Bharat Petroleum Corp Ltd also planned to buy its first ever US crude oil cargo and has issued a purchase tender.

In June. the White House said that the United States is determined to become be a global player in exporting LNG.

Oilfield services providers would be expected to invest in the fields in exchange for payment for every barrel of oil or Btu produced over an established baseline. the report added.

Iraq is the second-largest member of OPEC after Saudi Arabia.