Clean-up crews are working day and night to remove 100,000 gallons of oil that fouled a stretch of California coastline after a pipeline ruptured Tuesday. It is the biggest oil spill in the Santa Barbara area since 1969.
A new Texas law signed by Republican Governor Greg Abbott prohibits cities and towns from imposing local ordinances to prevent fracking and other potentially environmentally harmful oil and natural gas activities.
Iran hopes its crude oil exports will be back to the pre-sanctions level of 2.5 million barrels per day (bpd) and the oil price to rise to around $80 a barrel by end of 2016, according to Iran’s Deputy Oil Minister Rokneddin Javadi.
A Singapore-flagged tanker which, owner claims, came under Iranian navy fire in the international waters off the UAE this week, is wanted over the unsettled $300mn debt in damages it caused to an oil rig in late March, according to Iranian official.
An oil leak that occurred when an offshore platform toppled during Hurricane Ivan in 2004 has continued to spill oil into the Gulf of Mexico – and could keep leaking for another 100 years, according to documents obtained by The Associated Press.
Saudi Arabia claims its oil price policy of taking investment away from US shale producers and other foreign competitors is succeeding. The OPEC kingpin continues pumping near record volumes to win market share in the global oil ‘battle’.
Oil companies making donations to politicians are getting massive tax credits in return, despite President Obama’s 2009 call to stop subsidizing big oil, claims the Guardian following an investigation into three corporate projects.
Global oil supply remained flat in the first quarter of 2015, as slowing shale output in the US was offset by OPEC and increased supply from "unsuspected corners," such as Vietnam, Malaysia and China, according to the International Energy Agency (IEA).