The mistaken prognoses highlight the challenges OPEC faces on Friday when the group’s ministers gather in Vienna for a potentially contentious meeting.

Libya, an Opec member, is producing a fraction of the 1.6m barrels a day it pumped before the downfall of Muammer Gaddafi four years ago. Its oil industry and infrastructure has been shattered by years of conflict that has divided the country.

“Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus (Shale) so production from new wells is only offsetting the decline in old wells,” said EIA lead upstream analyst Dana Van Wagener.

U.S. oil production decreased on 259,000 barrels per day

"I will defend the position for the construction of Nord Stream II and (a) gas hub in Bulgaria - it is advantageous for the country and nobody can reproach me for that," Borisov told reporters.

“We are interested to come back to Iran when the sanctions are lifted and if the contracts are interesting,” Stephane Michel, Total’s head of exploration and production in the Middle East said at the conference. “We have worked in this country for a long time, so we know specific fields on which we’ve worked.”

The development of economic relations starting with the so-called suitcase trading of the early 1990s when Russian and Turkish tourists began to visit each other’s country, engaging in cross-border commerce, and ending with complex investment project such as Russia’s planned Akkuyu nuclear power plant in Turkey contributed to the softening of those rivalries.

India's production will tail off due to limited resources and relatively high costs for new projects, leading to more imports as economic growth picks up speed.

In its Energy Demand Forecast, the institute said the country's jet fuel demand is expected to increase 5.5% on year to 36.2 million barrels next year, compared with 34.4 million barrels estimated for this year.

The joint venture between Rosneft and BP based on Taas-Yuryakh Neftegazodobycha LLC will continue further development of the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in the Eastern Siberia. The JV will also undertake the development of suitable infrastructure for further exploration and development of the region’s reserves.

"Indonesia is an important country for Saudi Arabia, a rising global economy, we would like to be a part of the growth of Indonesia," Saudi Aramco CEO Amin H Al-Nasser said at the signing of the initial agreement to upgrade the Cilacap refinery in Indonesia's Central Java province.

"We highly value our interaction within consultations on the situation in the oil market between OPEC and leading non-OPEC producers," Novak said.

Britain's oil and gas sector has lost over 5,000 jobs since late 2014 as a slump in oil prices has severely squeezed oil companies' budgets and led to project cancellations.

Nowadays the proven shale gas reserves across the globe were estimated at about five trillion cubic meters, which was less than three per cent of the world's aggregate proven gas reserves.

The government hopes international companies will commit at least $100 billion that Iran says it needs to boost oil-production capacity by more than 1 million barrels a day.