The Bab el-Mandeb Strait is a sea route chokepoint between the Horn of Africa and the Middle East, connecting the Red Sea to the Gulf of Aden and Arabian Sea. Most exports of petroleum and natural gas from the Persian Gulf that transit the Suez Canal or the SUMED Pipeline pass through both the Bab el-Mandeb and the Strait of Hormuz.

BP announced that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion.

Brent was up 38 cents, or 0.64%, at $59.72 a barrel, WTI was up 54 cents, or 1%, at $54.71 a barrel.

“This escalation of the U.S.- China trade war is another step in the wrong direction, the consequences of which will be felt by American businesses and families,” said Kyle Isakower, API’s Vice President of Regulatory and Economic Policy. “In addition to the impacts on the U.S. economy and jobs, U.S. energy leadership and global competitiveness are threatened as U.S. natural gas and oil exports continue to serve as targets for retaliation.”

China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump’s recent escalation of the countries’ trade war.

Dubai and China have expressed keenness to enhance cooperation in energy-related areas, especially clean and renewable energy.

Nigeria's oil production hovered around 2.2 million b/d in the first week of August, compared with around 1.92 million b/d a year ago.

Moody's Investors Service (Moody's) affirmed the Ba2 corporate family rating of Petroleo Brasileiro S.A. - PETROBRAS (Petrobras). Simultaneously, Moody's raised the company's baseline credit assessment (BCA) to ba2 from ba3. The actions were triggered by the company's continued success in improving its credit metrics and liquidity position. The rating outlook is stable.

Brent rose 29 cents, or 0.5%, to $60.21 a barrel, WTI were at $55.53 a barrel, up 18 cents, or 0.3%.

members of the Organization of the Petroleum Exporting Countries (OPEC) earned almost $711 billion in net oil export revenues in 2018

Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data.

Foremost among the areas to be patrolled is the Strait of Hormuz, between Oman and Iran, through which about one-fifth of the world’s seaborne crude flows out of the Gulf.

Rosneft, which produces around five percent of the world’s oil, is now taking care of shipping and marketing operations for the bulk of Venezuelan oil exports, ensuring that PDVSA can continue to supply buyers.

Rosneft last week asked buyers to use the euro as the default currency for the first time in a spot tender to sell naphtha

Rosneft Oil Company and the National Petroleum Institute (Instituto Nacional de Petróleo, INP) have signed a Cooperation Agreement. The document was signed by Chief Executive Officer of Rosneft Oil Company Igor Sechin and Chairman of INP Carlos Zacarias. In addition, Rosneft has signed a Memorandum on Expansion of cooperation in Mozambique with the National Hydrocarbon Company (Empresa Nacional de Hidrocarbonetos, ENH).