Brent Settles At Three-Week Low
August 5, 2026
Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint.
News
Commercial realism for Africa’s upstream
August 5, 2026
Lekan Aluko, CEO of PetroVision, talks to The Energy Year about Africa’s upstream investment outlook and the commercial and fiscal factors required to optimise the bankability of energy projects. PetroVision is an energy consultancy firm with offices in Cape Town, Lagos and London.
Nigeria approves $4.5 billion oil-backed financing deal to support production growth
August 5, 2026
Nigeria said it approved a $4.5 billion arrangement with the state-owned energy firm that will liberate funds to bolster foreign-exchange reserves and spending on the government’s ongoing infrastructure priorities.
Indian Oil Subsidiary CPCL Plans 280,000 Bpd Manali Refinery
August 4, 2026
Indian refiner Chennai Petroleum Corporation Limited plans to boost the crude oil refining capacity at its Manali refinery by a third to 280,000 barrels per day (bpd), the refiner said in its 2025/2026 report.
Trump Orders Oil Companies to Cut Gas Prices, Targets Chevron CEO
August 4, 2026
President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your consumer (retail!) Oil Prices DOWN, NOW!”
Venezuela’s Oil Exports Fall Even as U.S. Shipments Hit Seven-Year High
August 4, 2026
Venezuela exported 1.16 million barrels of crude oil daily last month, a slight decline from June’s 1.2 million barrels daily, on lower withdrawals from storage, Reuters has reported, noting that exports to the United States during that month increased.
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