These themes will be explored during the upcoming Angola Oil & Gas (AOG) Conference and Exhibition - taking place September 9-10 in Luanda with a pre-conference day scheduled for September 8. A panel discussion on Oil in the Balance: An Expert Perspective on Geopolitics, Economics and Pricing will examine how geopolitical tensions, pricing volatility and supply chain disruptions are affecting the country’s economy. The discussion comes at a particularly critical moment for the country as policymakers and operators seek to balance short-term revenue gains with longer-term fuel security objectives.

The ongoing Gulf war has brought significant implications for import-reliant African markets, impacting oil and gas flows and sending crude prices skyrocketing above $100 per barrel. As of May 2026, only a limited number of vessels continue to transit the Strait of Hormuz regularly, while talks between the U.S. and Iran have reached yet another deadlock, creating uncertainty around the reopening of the critical chokepoint.

For major producers such as Angola, while the current market environment has driven revenues by over 20% (Q1, 2026), it has also exposed its vulnerability as a net importer. Despite producing above one million barrels per day (bpd), the country imports 70% of its refined petroleum products. Rising freight costs and unstable international supply chains directly impact Angola’s import bill, offsetting part of the financial upside generated by higher crude prices.

These realities are reinforcing the strategic importance of Angola’s downstream expansion plans. The government has accelerated efforts to develop domestic refining infrastructure through projects such as the operational Cabinda, the Lobito which is being developed and the planned Soyo refineries, aimed at reducing import dependence and improving fuel self-sufficiency. Collectively, these projects will bring Angola’s refining capacity to upwards of 445,000 bpd.

At the same time, operators continue to advance upstream investment through frontier exploration, brownfield optimization and offshore developments designed to sustain crude output while opening new frontier basins. Increasingly, the market is recognizing that these two objectives cannot be treated separately. Upstream expansion without downstream integration risks leaving Angola exposed to precisely the type of geopolitical shocks currently disrupting global energy markets.

As such, the AOG 2026 panel arrives at a strategically important moment. The discussion is expected to move beyond immediate pricing trends to address the structural relationship between geopolitics, refining, fuel security and economic resilience. As volatility continues to reshape global energy flows, Angola faces a defining challenge: converting short-term revenue windfalls into long-term industrial and supply chain stability.