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BAGHDAD, IRAQ  APRIL 18 (SOUTH AFRICA OUT): A medium Shortwave Infrared satellite view of Baiji North Oil Refinery in its latest attack, extreme heat identified through bright red dots on April 18, 2015 in Baghdad, Iraq. On Friday 17th April 2015, the terrorist group ISIS torched numerous oil tanks at Iraq's largest refinery, Baiji North. (Photo by USGS/ NASA Landsat / Orbital Horizon/Gallo Images/USGS/NASA Landsat/Getty Images)

Warplanes hit tank trucks to disrupt Islamic State oil trade

U.S. and other nations have conducted air strikes on ISIS-held refineries, and now are attacking tank trucks that carry crude and refined products to black market purchasers
U.S. President Barack Obama, flanked by Vice President Joe Biden (L) and U.S. Secretary of State John Kerry (R), at the White House November 6, 2015 in Washington, DC. (Photo by Mark Wilson/Getty Images)

Obama and Putin agree on bombing Islamic State’s oil pipeline

A united front would be bad news not just for the jihadists, but for everyone they do business with.
Categories: Crude oil, Middle East
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A OPEC logo sits on a sign outside the 167th Organization of Petroleum Exporting Countries (OPEC) conference in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg

OPEC: Oil inventory surplus bigger than during recession

For the oil market, the first nine months of the year have seemed like a slow-motion repeat of the huge build in inventories that occurred six years ago amid a worldwide recession.
(AP Photo/Nabil al-Jurani, File)

Oil crash spreading political strife around the world, State Department rep says

The collapse in oil and natural gas prices is creating an uneasy situation for some producing nations that rely on that revenue to function, a U.S. state department official said Tuesday at a conference in Houston.
In this this file photo released on May 4, 2015, on a militant website, which has been verified and is consistent with other AP reporting, Islamic State militants pass by a convoy in Tel Abyad, northeast Syria. The Islamic State rakes in up to $50 million a month from selling crude from oilfields under its control in Iraq and Syria, part of a well-run oil industry that U.S. diplomacy and airstrikes have so far failed to shut down, according to Iraqi intelligence and U.S. officials.(Militant website via AP, File)

Despite U.S.-led campaign, Islamic State rakes in oil earnings

Oil sales — the extremists’ largest single source of continual income — are a key reason they have been able to maintain their rule over their self-declared “caliphate” stretching across large parts of Syria and Iraq.
(AP Photo/Hasan Jamali)

Genel cuts 2015 oil output forecast

he London-based company said Tuesday it expects to pump 85,000 to 90,000 barrels a day in 2015, compared with a previous forecast of 90,000 to 100,000.
(AP Photo/ Nabil al-Jurani, File)

Cheap crude and ISIS fighting will slow Iraq oil production growth next year

Iraq, the biggest producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, pumped a record 4.4 million barrels a day in June, according to data compiled by Bloomberg.

OPEC pumps most crude in three years

Oil prices have rallied about 10 percent in the past month as drilling cutbacks in the U.S. and reduced energy investment globally suggest the surplus in world oil markets will eventually dissipate.
The United Kalavryta, shown in the Gulf in late July, about 60 miles off Galveston's coast. (Courtesy: U.S. Coast Guard)

Iraq wins in fight with Kurds over disputed tanker

The case began last year when Iraq’s central government sued to seize a tanker loaded with crude from the country’s Kurdish region that had sailed to the Gulf of Mexico and anchored in international waters off the coast of Texas.
An oil worker walks by an oil pump during a sandstorm in the desert oil fields of Sakhir, Bahrain

FILE - In this Thursday, Jan. 8, 2015 file photo, an oil worker walks by an oil pump during a sandstorm that blew in, in the desert oil fields of Sakhir, Bahrain. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Hasan Jamali, File)

In a Mideast upset by cheap oil, more crude may enter market

The possibility of more supply entering the market has analysts already lowering their forecast price for oil into the next year.