The warming relations between NATO member Turkey and Russia comes as both countries are dealing with troubled economies and strained ties with the West.

Speaking to Shana while departing Tehran for Algiers to attend the International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, Zangeneh said the current market conditions are not favorable for crude oil producers and consumers in the mid- and long terms.

“While the oil market has recovered from its most severe period, it’s still weak,” Nasser said.

Prices may jump more than 35 percent from current levels as they start to reflect the risk of a supply squeeze, according to Citigroup Inc. and trader Gunvor Group.

“We see 2017-2020 as still having the potential for much higher prices. After 2020, there is a high risk that electric vehicle penetration will change the oil market forever.”

We expect these acquired assets to generate substantial free cash flow,(1) enhancing our ability to increase US onshore activity in the Delaware and DJ basins. Our current plans are to add two rigs in each play later this year, and to increase activity further thereafter, with an expectation of more than doubling our production to at least 600,000 BOE per day collectively from these two basins over the next five years.

"Supply and demand are near balance, but the balance is precarious," Andy Milnes, CEO, Integrated Supply & Trading (Eastern Hemisphere), BP, told delegates.

Prices have struggled to go much higher than $50 a barrel. After the longest run of gains since March, Brent crude, the international benchmark, traded 0.9 percent higher at $51.17 at 7:13 a.m. in London on Friday.

Turkey wants to buy more natural gas from Iran and has discussed pricing issues, Foreign Minister Mevlut Cavusoglu said on Friday, adding that Ankara and Tehran should resolve a dispute on gas prices without arbitration.

Russia’s president Vladimir Putin said there were no doubts that Turkish Stream will happen and work could start soon. He was speaking at a joint press conference with Turkey’s president Recep Tayyip Erdogan August 9.