"Growth in China's fuel exports will be strong throughout the third quarter," a Beijing-based trader said. "Refiners are starting to tighten crude runs as well as increase exports to balance the surplus in the domestic market."

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements have been signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation has recently opened a representative office in China to support and encourage relations between the two countries' businessmen, as well as expand Azerbaijan's exports to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

During the visit, President Rouhani attended trilateral talks among Iran, Russia and Azerbaijan and conferred with his Russian and Azeri counterparts on expansion of trilateral cooperation in commerce, energy, telecommunications, environment, fight against terrorism, transportation and transit of goods.

Latin America should strengthen regional trade and financial linkages to boost growth and further the social achievements of the past 15 years.

The worldwide rig count for July 2016 was 1,481, up 74 from the 1,407 counted in June 2016, and down 686 from the 2,167 counted in July 2015.

Debt levels are currently rising at an annual rate of 11.5 percent, more than double the 5.1 percent witnessed between 2009 and 2014.

Energy giant is set to begin selling its offshore-China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asian upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices.

Iran is introducing a new contract framework for its energy deals to sweeten them for foreign financiers.

"Not only willing to cooperate with Zarubezhneft Company as investor in the fields, we are also calling for fully benefiting from their state of art technology,"

Ramezani told the Panel of Prospect of Gas Industry in Next Half a Century that the deal is expect to prepare the condition for export and shipment of gas to West Europe.

"Incahuasi is one of the largest gas and condensate fields brought on stream in Bolivia. Incahuasi’s production will contribute to Bolivia’s gas exports to Argentina and Brazil as well as domestic consumption”

Total E&P Russie, a 100% affiliate of Total group, has transferred a 20% participating interest in and the operatorship of the Production Sharing Agreement for the Development and Production of Oil in the Kharyaga Field (Kharyaga PSA) to Zarubezhneft-Production Kharyaga LLC, a subsidiary of Zarubezhneft JSC.

However, in conjunction with both lower oil prices and international sanctions, Russia has recently experienced five consecutive quarters of decline in GDP, representing that country's deepest economic downturn since 2008-09.

Light, sweet crude for September delivery settled up $1.32, or 3.3%, at $40.83 a barrel on the New York Mercantile Exchange. It was the largest gain since July 12 and brought the U.S. benchmark within 16 cents of exiting bear-market territory. Brent, the global benchmark, gained $1.30, or 3.1%, to $43.10 a barrel, snapping a five-session losing streak.

Brent crude LCOc1 was up 27 cents a barrel at $42.07 at 0957 GMT (0557 EDT). It reached $41.51 on Tuesday, the lowest since April 18. U.S. crude CLc1 added 28 cents to $39.79.