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Global Oil Investment Set To Fall Below $500bn In 2026 – IEA
Global investments in oil projects are due to fall for the third year in a row, as the supply shock from the Middle East conflict shifts priorities toward new trade routes and alternative energy sources.
According to the International Energy Agency’s annual World Energy Investment report published Thursday, spending on oil projects is set to drop below $500 billion in 2026 despite rising crude oil prices.
Oil markets have been in turmoil since the US-Israeli war on Iran effectively closed the Strait of Hormuz, through which a fifth of the world’s seaborne crude was shipped. The disruption has caused price spikes and supply shortages in several parts of the world, forcing companies and countries to rethink their energy investment strategies.
“We are in the midst of the largest energy security crisis the world has ever faced — and I believe this will reshape investment strategies globally,” IEA Executive Director Fatih Birol said in a statement. “We are already seeing intensified efforts by both producer and consumer countries to diversify trade routes and energy sources.”
Overall energy investments are expected to rise slightly to $3.4 trillion in 2026, with most of the spending directed toward power grids, storage, low-emissions fuels, nuclear energy, renewables, and electrification. Key fuel importers are now looking for domestic energy resources, mainly renewables, nuclear, and coal.
Gas spending is projected to rise to $330 billion, the highest level in a decade, supported by a wave of new liquefied natural gas export projects, mainly in the US and Qatar, the Paris-based agency said in its first full-year estimates for 2026.
In the Middle East, the war has cut export income and sparked a search for new export routes, as confidence in the reliability of the Strait of Hormuz has been “profoundly shaken.” In addition, the tens of billions of dollars required to repair facilities “could reduce outward capital flows, which have been a growing source of financing for infrastructure and energy projects in other regions.”
Birol has previously warned that the world is losing 14 million barrels of oil per day because of the war. Earlier this month, he said the IEA was ready to take further action after members agreed in March to release 400 million barrels from emergency reserves into the market in the biggest-ever discharge.
Ghana: GOIL PLC Commends Ghana Police Over Arrest Of Robbery Suspects At Kwafokrom Station
Ghana’s indigenous petroleum downstream giant, GOIL PLC, has commended the Ghana Police Service for the swift arrest of two suspects involved in last Sunday’s robbery attack on its Kwafokrom Filling Station near Nsawam in the Eastern Region.
The robbers reportedly shot a fuel attendant and a security officer at the station, made away with provisions from the station’s mart, and fled with sales proceeds amounting to GH¢13,000.
Following the incident, the Eastern South Regional Police Command launched a manhunt for the suspects, leading to the arrest of two of them.
A third suspect, who remains on the run, is currently being pursued by the police.
In a brief statement issued by GOIL PLC, the company expressed appreciation to the Ghana Police Service for its professionalism and swift action leading to the arrests.
GOIL also assured customers, dealers, and stakeholders of its continued commitment to safety and security across its operations nationwide.
Meanwhile, the Inspector-General of the Ghana Police Service has promoted five officers for their efforts in apprehending two robbery suspects.
The officers are Chief Inspector Eric Otoo, Chief Inspector Emmanuel Otu, General Sergeant Philip Amoah, Policewoman Constable Victoria Asiedu, and Policewoman Constable Rosemond A. Frimpong.
As part of the reward, Chief Inspectors Eric Otoo and Emmanuel Otu have been granted direct entry into the Police Academy, while General Sergeant Philip Amoah, Policewoman Constable Victoria Asiedu, and Policewoman Constable Rosemond A. Frimpong have all been promoted to their next ranks.
The officers were recognised for their professionalism, dedication, and swift response, which led to the arrest of two suspects linked to the robbery attack at the filling station.
Uganda: Dr. Masanza Appointed As New Minister For Energy And Mineral Development
Ugandan President Yoweri Museveni has appointed Dr. Monica Musenero Masanza as the new Minister for Energy and Mineral Development.
Dr. Masanza succeeds Hon. Ruth Ssentamu Nankabirwa, who served as minister from 2021 to 2026. She steps into this role at a pivotal time as Uganda rapidly develops its energy potential and anticipates achieving first oil later this year.
Dr. Musenero previously served as the Minister of Science, Technology, and Innovation under the Office of the President, as Senior Presidential Advisor on Epidemics, and was a key player in Uganda’s response to the COVID-19 pandemic.
A diversely trained and skilled consultant and scientist, Dr. Musenero has extensive national and international experience. She has worked as an Assistant Lecturer at Makerere University, Assistant Commissioner for Epidemiology and Surveillance at the Uganda Ministry of Health, and Principal Program Officer with the Africa Field Epidemiology Network (AFENET).
Internationally, she spent three years as Field Coordinator with the World Health Organization in Sierra Leone, where her expertise and heroic efforts helped bring the West African Ebola outbreak under control—earning recognition from both the Sierra Leonean and Ugandan governments.
In Uganda, she has been at the forefront of designing and implementing the highly successful Epidemic Preparedness and Response system and has played a key role in responding to all Ebola and Marburg outbreaks in the country since 2007.
Dr. Musenero earned her MS in Science at Cornell University, USA, majoring in Microbiology with a focus on Immunology, Molecular Biology, and Vaccine Development.
Ghana: NPA Urges Fuel Consumers To Demand Receipts, Verify Purchases To Avoid Disputes At Fuel Stations
She later obtained a Master’s in Public Health from Makerere University, specializing in Field Epidemiology.
She has been a central figure in advancing the One Health movement in Uganda and across Africa, introducing the first multi-sectoral and multidisciplinary teams—including anthropologists and sociologists—to create interventions that effectively contained plague outbreaks in the country.
She has also served as Technical Advisor for the USAID-funded One Health Workforce Program.
Ghana To Add 3,000 MW Of Power Capacity By 2030
The Government of Ghana has announced plans to expand the country’s power generation capacity by an additional 3,000 MW by 2030 to meet growing electricity demand from both domestic and industrial consumers.
Ghana’s Finance Minister, Dr. Cassiel Ato Baah Forson, disclosed that the government aims to stabilise power supply and reduce costly outages that undermine the competitiveness of manufacturing companies in the country.
Speaking at the Ishmael Yamson & Associates Business Roundtable in Accra on Wednesday, Dr. Forson explained that about 30% of the new capacity will come from renewable energy sources.
The West African nation has been experiencing intermittent power supply caused by generation shortfalls and planned maintenance by the two power distribution companies — the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCo).
According to the 2025 Electricity Supply Plan published by the Energy Commission, Ghana’s total installed grid-connected generation capacity stood at 5,738 MW as of December 2024, with a dependable capacity of 4,742.35 MW projected for 2025.
The country’s system peak demand currently hovers around 4,300 MW and is projected to rise to approximately 6,198 MW by 2030.
Dr. Forson estimated that Africa loses about US$25 billion annually due to power outages and described the persistent energy deficit as unacceptable for a continent rich in gas, hydro, solar, wind, and critical mineral resources.
“We cannot industrialise in darkness,” he said, stressing that reliable and affordable electricity is essential for competitiveness and job creation.
He also called for a shift toward local processing and refining, citing lithium, bauxite, and cocoa as examples of resources that could generate greater value within African economies.
The Finance Minister further highlighted the African Continental Free Trade Area (AfCFTA) as a key complement to national industrial strategies, describing trade integration as “an economic survival strategy.”
Togo Hikes Fuel Prices After More Than A Year Of Subsidies
Togo has increased retail fuel prices for the first time in more than a year, as rising global crude oil prices linked to tensions in the Middle East continue to pressure governments worldwide.
The latest review pegged unleaded gasoline at 725 CFA francs ($1.25) per litre, up from 680 CFA francs, while diesel rose to 750 CFA francs from 695 CFA francs.
Kerosene increased to 1,040 CFA francs per litre, and two-stroke fuel to 811 CFA francs.
The new prices, which took effect on Wednesday, May 27, 2026, signal the government’s inability to maintain subsidies.
According to a report by Togo First, the new prices were introduced under a joint ministerial order signed on Tuesday by Minister of Economy and Strategic Affairs Badanam Patoki, Finance and Budget Minister Georges Essowè Barcola, and Junior Minister for Energy Robert Koffi Messan Eklo.
The order replaces the pricing framework issued on March 14, 2025, and enforcement has been assigned to the Fuel Price Fluctuation Monitoring Committee.
The price adjustment comes amid supply disruptions and heightened volatility in global oil markets following escalating tensions involving Iran in the Middle East.Ghana: NPA Urges Fuel Consumers To Demand Receipts, Verify Purchases To Avoid Disputes At Fuel Stations
The Director of Consumer Services at the National Petroleum Authority (NPA), Mrs. Eunice Budu-Nyarko, has urged motorists to remain extra vigilant when purchasing fuel, warning that simple mistakes at fuel stations and unsafe fuel handling practices continue to pose serious risks to consumers and public safety.
According to her, consumers must always confirm the type of fuel being dispensed, carefully check nozzle colour codes at filling stations, insist on seeing dispenser screens during transactions, and demand receipts after every fuel purchase to support investigations in the event of complaints.
Mrs. Budu-Nyarko gave the advice during a consumer education and petroleum safety sensitisation campaign undertaken by the Consumer Services Directorate of the NPA across communities, markets, transport terminals, and tertiary institutions in the Volta and Ashanti regions.
“The NPA is dedicated to ensuring that consumers receive high-quality fuel. Your feedback is invaluable, and we are committed to the swift and effective resolution of complaints. Consumer trust in our quality assurance systems is crucial, and we remain committed to ensuring that consumers receive value for money,” she stated.
She explained that the red fuel nozzle represents Super or Petrol, black represents Diesel, while green indicates differentiated or high-octane fuel products.
The campaign also placed strong emphasis on the dangers associated with fuel siphoning from accident scenes involving Bulk Road Vehicles, with the Authority cautioning the public against approaching spilled petroleum products due to the high risk of explosions and fire outbreaks.
The sensitisation exercise began in the Volta Region with engagements at the Ho Market and Lorry Park, where commercial drivers and consumers were educated on petroleum safety and consumer protection issues.
The team later engaged women’s groups in Hohoe on LPG safety practices and safe fuel handling before extending the exercise to Ho Technical University and the Ho Nursing Training College.
In the Ashanti Region, the campaign covered the Bantama Market, Fomena Nursing Training College, Kumasi Technical University, and the Tepa Nursing and Midwifery Training College Anyinasuo Campus.
Participants were educated on LPG safety measures, fuel quality assurance systems, complaint reporting procedures, and consumer rights within the downstream petroleum sector.
Technical presentations during the engagements were delivered by Ing. Johnson Gbagbo Jnr., Head of Consumer Data Analytics and Market Intelligence, and Maureen Adwoa Duori, Head of Consumer Education and Stakeholder Engagement, with support from NPA regional managers and staff.
The Authority also used the engagements to promote awareness of the NPA Call Centre and other complaint resolution channels available to consumers seeking clarification or reporting suspected irregularities within the downstream petroleum industry.
The NPA says it will continue intensifying public education and stakeholder engagements to strengthen consumer confidence, promote petroleum safety, and ensure that consumers receive quality fuel products across the country.
Liberia: LEC ‘Deep Dive’ Sessions Reveal Bottlenecks, Drive Rapid Action
The Liberia Electricity Corporation (LEC) has intensified its institutional reform and operational efficiency agenda through a high-level strategic initiative known as “Deep Dive” — a results-driven engagement mechanism designed to identify and address the Corporation’s most pressing internal challenges.
The Deep Dive Sessions serve as a critical platform, bringing together departments, divisions, units, and sections to rigorously assess operational bottlenecks, institutional gaps, customer service concerns, and system inefficiencies that impede effective service delivery across the Corporation.
Speaking on the significance of the initiative, Mr. Ousman Kamara, Director of Strategy & Planning in the Office of the Managing Director, disclosed that the sessions have already begun tackling key institutional and operational issues — ranging from customer service efficiency and operational response time to metering challenges and overall service delivery performance.
“These engagements are intended to deepen collaboration, strengthen accountability, and drive immediate, practical solutions that will reposition LEC as a more effective, responsive, and institutionally governed utility,” Kamara emphasized.
Held every Thursday, the Deep Dive Sessions are chaired directly by the Managing Director alongside the Deputy Managing Directors, providing top-level oversight, rapid decision-making, and immediate implementation pathways for solutions emerging from the discussions.
PETRONAS Confirms Death Of Three Contractors In FSO Sepat Incident
PETRONAS, Malaysia’s national oil and gas company, has confirmed the deaths of three contractor personnel during lifeboat maintenance work on the FSO Sepat, located in the Sepat field off the coast of Terengganu, offshore East Coast Peninsular Malaysia.
The exact circumstances of the incident remain unclear.
The company stated that the victims were pronounced dead upon arrival at Hospital Sultanah Nur Zahirah, Kuala Terengganu, at approximately 5:57 pm on Sunday. One injured personnel was evacuated for medical treatment and remains under observation.
Investigations into the cause of the incident are ongoing, in coordination with relevant authorities.
PETRONAS extends its deepest condolences to the families, friends, and colleagues of the deceased. The immediate priority of the company is to support the well-being of those affected.
Ghana: TOR Receives 1 Million Barrels Of Bonga Crude Oil For Processing
Ghana’s premier oil refinery, Tema Oil Refinery (TOR), has announced the arrival of approximately 1 million barrels of Bonga Crude Oil aboard the MT Cap Felix as part of its ongoing refinery revitalisation and crude processing programme.
Bonga Crude Oil is sourced from the deepwater Bonga oil field, located in the Gulf of Guinea, approximately 120 kilometres offshore the Niger Delta in Nigeria.
In a statement issued by management on Wednesday, May 27, 2026, the company said the crude oil cargo was purchased from Shell and supplied through TOR’s tolling partner, Fujairah/Triangle Commodities Trading (TCT), under arrangements aimed at supporting the refinery’s operational recovery and ensuring a sustained supply of petroleum products to the Ghanaian market.
The receipt of the Bonga Crude marks another significant milestone in TOR’s efforts to restore stable refining activities, improve national energy security, and reduce Ghana’s dependence on imported refined petroleum products.
Bonga Crude, known for its high-quality, low-sulphur characteristics and favourable refining yields, is expected to produce substantial volumes of premium petroleum products, including LPG, gasoline, diesel, kerosene, aviation turbine kerosene (ATK), and fuel oil for both domestic and regional markets.
Management of TOR expressed appreciation to the Government of Ghana, regulatory institutions, financial partners, and all stakeholders whose support continues to contribute to the refinery’s operational resurgence.
TOR further reaffirmed its commitment to transparency, operational excellence, environmental responsibility, and the long-term transformation of the refinery into a competitive and commercially sustainable energy hub for Ghana and West Africa.
Management added that it will continue to engage stakeholders and the public as operations progress.
It would be recalled that this portal broke the news in late December 2025 when the company restarted crude oil refining operations after extensive maintenance works.
BP Removes Chairman Albert Manifold Over ‘Serious Conduct Issues’
Tema Oil Refinery (TOR), established in 1963, is Ghana’s only oil refinery and plays a critical role in the country’s downstream petroleum sector.
Over the years, the refinery has faced operational challenges, including intermittent shutdowns due to maintenance constraints, financing difficulties, and crude supply shortages.
TOR further reaffirmed its commitment to transparency, operational excellence, environmental responsibility, and the long-term transformation of the refinery into a competitive and commercially sustainable energy hub for Ghana and West Africa.
Management added that it will continue to engage stakeholders and the public as operations progress.
It would be recalled that this portal broke the news in late December 2025 when the company restarted crude oil refining operations after extensive maintenance works.
BP Removes Chairman Albert Manifold Over ‘Serious Conduct Issues’
Tema Oil Refinery (TOR), established in 1963, is Ghana’s only oil refinery and plays a critical role in the country’s downstream petroleum sector.
Over the years, the refinery has faced operational challenges, including intermittent shutdowns due to maintenance constraints, financing difficulties, and crude supply shortages.
Early last year, the new management started pursuing a revitalisation agenda aimed at restoring full operational capacity, improving efficiency, and repositioning TOR as a commercially viable refinery.
The resumption of crude imports and refining activities forms part of ongoing efforts to stabilise domestic fuel supply and strengthen Ghana’s energy security.
Ghana: Police Arrest Two Suspects Over Kwafokrom GOIL Armed Robbery
The Ghana Police Service has arrested two suspects in connection with an armed robbery incident at a GOIL filling station in Kwafokrom near Nsawam on Sunday, May 24, 2026.
A statement issued on Tuesday by DSP David Fianko-Okyere of the Public Affairs Unit of the Eastern South Regional Command confirmed the arrests and identified the suspects as Amos Boame and Collins Adjei.
According to the statement, a third suspect, identified as Ashivie, is currently on the run and is being pursued by the police.
Police said exhibits retrieved from the suspects included an Alder Tupal pump-action gun with serial number 245A-12944, one electronic shocker, a cutlass, and a bulletproof vest, all of which are being kept for evidential purposes.
The police stated that during the robbery, the suspects shot a security guard and a pump attendant who had taken refuge in an office within the station.
The suspects also made away with cash amounting to Thirteen Thousand Four Hundred and Sixty Ghana Cedis (GH¢13,460.00), as well as assorted provisions whose value is yet to be determined.
Police further inspected the scene and found nineteen spent cartridges and one live round of ammunition.
According to the police, the victims are in stable condition and are receiving treatment.
The police assured the public that strenuous efforts are ongoing to arrest the remaining accomplices and bring them to justice.
They also urged residents to remain calm, assuring them that the police, in collaboration with the filling station managers, have put in place robust security measures to prevent further incidents.
BP Removes Chairman Albert Manifold Over ‘Serious Conduct Issues’
BP, the British multinational oil and gas company, has dismissed its chairman, Albert Manifold, after less than a year in the role, citing “serious concerns” about “governance standards, oversight and conduct.”
The surprise ouster marks the latest episode of leadership turmoil at the British oil giant, which has seen several CEOs depart abruptly under controversial circumstances.
The company did not provide further details about the alleged failings related to governance and conduct.
“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance, oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, Senior Independent Director at BP, said in a statement on Tuesday, May 26, 2026.
Manifold, the former CEO of Irish building materials company CRH, succeeded Helge Lund as BP chairman on October 1.
Reacting to his dismissal, Manifold pushed back against the company’s decision in a statement.
“I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged,” Manifold said, as reported by CNN.
“I was removed without warning and without explanation. During my time as chairman, I worked to drive genuine change at BP — cutting costs, challenging excess, and holding the organisation to higher standards.”
BP has appointed Ian Tyler as interim chairman “with immediate effect” while it searches for a permanent replacement, the company said.
Tyler said BP was “moving at pace” to deliver on “the strategic direction we have laid out” and added that he had been “very impressed” with Meg O’Neill, who became the company’s first female CEO in April.
“Under her leadership, we are building a simpler, stronger and more valuable BP,” he added.
O’Neill, the former chief executive of Australia’s Woodside Energy, is BP’s third CEO since 2020 and the first external candidate ever to lead the company.
BP has faced several difficult years marked by strategic reversals and leadership instability. In 2023, the company backtracked on ambitious plans announced less than three years earlier to cut oil and gas production and transform into a green energy company under then-CEO Bernard Looney.
Looney resigned later that year after admitting he had failed to properly disclose past relationships with colleagues.
He was succeeded by the company’s chief financial officer, Murray Auchincloss, who remained in the role for less than two years before O’Neill was announced as his successor.
“The announcement of Albert Manifold’s departure is certainly a surprise, although BP has had more than its fair share of senior personnel leaving the company abruptly over the past 20 years,” Maurizio Carulli, global energy analyst at asset manager Quilter Cheviot, wrote in a note.
Alongside Looney and Auchincloss, Carulli also cited Lord John Browne, who stepped down in 2007 after it emerged that he had lied to a UK court, and Tony Hayward, who resigned in 2010 following the Deepwater Horizon oil spill in the Gulf of Mexico.
Despite its struggles, BP appears to be on a stronger footing this year.
The company’s share price has risen roughly 20% year-to-date, while the Iran war has delivered a profit windfall.
BP’s profits more than doubled in the first three months of the year as the company’s oil traders capitalised on sharp swings in oil prices triggered by the conflict.
Ghana: GRIDCo Board Pays Courtesy Call On Speaker Alban Bagbin
The Board of the Ghana Grid Company Limited (GRIDCo), led by Chairlady Kuukua Maurice Ankrah, together with the Chief Executive, Ing. Frank Otchere, paid a courtesy call on the Speaker of Parliament, Rt. Hon. Alban Bagbin.
Speaking on behalf of the Board, Board Member Hon. Solomon Kuyon, MP for Krachi Nchumuru, introduced the GRIDCo delegation and noted that, after nine months in office, it was important for the Board to formally introduce itself to the Speaker.
In his remarks, CEO Ing. Frank Otchere provided an overview of GRIDCo, explaining how the company was established and the role it plays in Ghana’s energy sector.
For her part, Board Chairlady Kuukua Maurice Ankrah stated that the Board has been very supportive of her as the only female chairperson in the energy sector.
Touching on the restoration of power supply from the Akosombo Generation Station to the national grid following the fire incident at GRIDCo’s switchyard, she commended GRIDCo’s engineers, noting that the progress made reflects the quality and professionalism of the company’s technical staff.
In a warm and cordial atmosphere, Rt. Hon. Bagbin praised the wealth and diversity of experience among the Board members and encouraged them to remain united in their work.
He also underscored the importance of the energy sector and urged GRIDCo to leverage its strategic assets to attract investment into Ghana’s transmission infrastructure.
Tanzania: TANESCO To Replace Fragile Electric Poles With Concrete and Steel Poles
Tanzanian Deputy Minister for Energy, Hon. Salome Makamba, has said that the government, through TANESCO, will replace fragile electric poles with stronger alternatives, including concrete and steel poles.
The government will also strengthen pole foundations in areas with soft soil to address the challenge of falling electric poles.
Salome made the remarks in Parliament in Dodoma while responding to a question from Hon. Sara Msafiri Ally, Member of Parliament for Mvomero, who wanted to know when the government would resolve the issue of collapsing electric poles in Mgeta.
In response, Salome said the government recognizes the challenge of collapsing power poles in some areas of Mgeta due to several factors, including heavy rainfall, weak soil conditions, and soil erosion affecting some poles.
She added that the government, through TANESCO, continues to conduct regular inspections of electricity infrastructure to identify and address challenges as soon as they arise.
Salome further explained that the government, through the Ministry of Energy, has allocated a special budget to replace wooden poles in wet areas and in locations with intensive human activity.
She also called on citizens to avoid improper land-use practices, including careless burning of farms, which has been damaging electricity infrastructure by burning electric poles.
Aramco Transfers PRefChem Stakes To Petronas, Ending Eight-Year Malaysia Partnership
Saudi Arabia’s state oil giant Aramco has announced the transfer of its equity stakes in the Pengerang Refining Company and Pengerang Petrochemical Company (PRefChem) in Malaysia to Malaysia’s energy giant Petronas.
The company confirmed the deal in a statement on Monday, ending an eight-year downstream partnership in Southeast Asia.
The deal, which is subject to closing conditions, will make PRefChem a wholly owned subsidiary of the Malaysian state energy company.
The statement did not disclose the financial terms of the transaction.
The deal underscores how the Iran war is reshaping energy partnerships across Asia.
The effective closure of the Strait of Hormuz since late February has slashed crude flows to the region, forcing refiners to cut runs and triggering shortages of jet fuel, gasoline, and diesel — products produced by PRefChem.
Full ownership of PRefChem will enable PETRONAS to further enhance operational alignment and flexibility across its value chain, while harnessing its international supply network and integrated operating model to support continued reliability under varying market conditions.
For Aramco, the transaction supports the strategic optimization of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy.
“The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties,” a joint statement issued by both companies said.
PRefChem comprises two joint ventures — Pengerang Refining Company and Pengerang Petrochemical Company — which operate an integrated refinery and petrochemical complex within the Pengerang Integrated Complex in the southern Malaysian state of Johor.
The refinery has a capacity of about 300,000 barrels per day and produces fuels including jet fuel, gasoline, and diesel, while supplying feedstock to the petrochemical complex, which has a nameplate capacity of about 3.4 million tonnes per year.
Aramco agreed in 2017 to invest $7 billion for equal participation in the project, signing a share purchase agreement during a state visit to Malaysia by King Salman. At the time, it was one of the company’s largest downstream investments abroad. The two joint ventures were formally established in March 2018.
The companies said they would continue exploring cooperation in areas including crude supply, technology exchange, and product distribution.