Brent was down 21 cents or 0.3% at $72.49, WTI fell 50 cents or 0.7% to $68.24.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Sept. 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.

“Sinopec will expand forcefully into making hydrogen from renewable energy, and zero in on hydrogen for transportation fuel and using green hydrogen for refining,” acting Chairman Ma Yongsheng said.

South Africa is the only African nation with an operational nuclear power plant. The 1,860 MW Koeberg nuclear power plant, near Cape Town, has two 930 MW reactors that were commissioned in 1984 and 1985, respectively, and that are currently licensed until 2024.

“Low carbon renewable energy sources are climate friendly but are not always readily controllable or able to meet energy demand due to the intermittent nature of solar and wind, and the absence of massive energy storage capacities. This means the power grid often requires supplementary energy sources,”

Renewables account for 15% of Iran’s installed capacity, with 11.9 GW of hydro, 410 MW of solar and 300 MW of wind.

U.S. Rig Count is up 5 from last week to 508 , Canada Rig Count is down 9 from last week to 147.

Brent rose 98 cents, or 1.4%, to $72.05 a barrel, WTI climbed 93 cents, or 1.4%, to $68.35 a barrel.

OPEC, Russia and nine other countries agreed in July to increase crude production by 400,000 b/d starting August through the end of 2022, a quantity that many analysts said would be insufficient to meet demand in the short-term, given seasonal consumption patterns and the world's recovery from the pandemic.

IOC is investing 1 trillion Indian rupees ($13.49 billion) to raise its refining capacity by 25 million tonnes a year in next 2-5 year,