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Kurdistan needs oil revenue to mobilize its peshmerga fighters in the battle against the Islamic State. (PHOTO: AHMAD AL-RUBAYE/AFP/Getty Images)

Oil plunge imperils Iraq’s fight with Islamic State, Abadi says

The conflict with Islamic State, which swept through swaths of northern Iraq in the summer of 2014, has destroyed economic infrastructure, disrupted trade and discouraged investment.

As crude’s crash punishes Venezuela, calls for OPEC help grow

Brent oil in London has dropped more than 60 percent since November 2014, when OPEC decided to refrain from cutting output in the face of a global oversupply in an effort to defend market share.
Female pedestrians pass a wall mural depicting Ayatollah Ali Khamenei, Iran's supreme leader, left, and Ruhollah Khomeini, founder of the Islamic republic of Iran, on a street in Tehran, Iran, on Saturday, Aug. 22, 2015. Iran plans to raise oil production "at any cost" to defend the country's market share and backs calls for an emergency OPEC meeting to help shore up crude prices. Photographer: Simon Dawson/Bloomberg

IEA: Oil crash could get worse as Iran offsets falling U.S. output

Iran’s biggest competitors won’t likely sit by while the Islamic Republic carves out a piece of Asian and European markets.
nasa libya oil tanks 1

NASA captures photos of Libya’s burning oil tanks

On Thursday, NASA released photos of the burning oil tanks captured by its Aqua satellite, showing the extent of the smoke plumes.

Crude oversupply persists as Iraq ramps up exports…even to the US

BAAAHH! Bahp-Bahp Bahp-Bahp Bahp – BAAAAAHHH!  (this morning’s fanfare is not only for the first Nonfarm Friday of the year, but also in honor of David Bowie’s 69th birthday). And sure enough ch-ch-changes are underway in the market, as we approach the end of a most tumultuous week. A sense of serenity returned to financial […]
Categories: Crude oil
FILE - 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)

ISIS employs thousands of foreign workers to keep its oil flowing

The records released by the U.S. government also show that despite a stepped-up air-strike campaign against ISIS oil infrastructure throughout 2014, the group was still able to keep the crude flowing.
(AP Photo/ Nabil al-Jurani, File)

Crude drops as OPEC output climbs

The group’s strategy since late last year has been to keep its taps open while higher-cost producers in the United States, Canada and elsewhere outside the cartel give up market share as crude prices stay low.
An employee uses a wrench to adjust a valve on oil pumping gear, also known as nodding donkeys or pump jacks, at an oil plant operated by MND AS in Uhrice, Czech Republic, on Monday, March 23, 2015. Oil rose as the dollar weakened for a third day, making commodities priced in the U.S. currency more attractive to investors. Photographer: Martin Divisek/Bloomberg

Brent crude drops below $40 for first time in almost seven years

Brent crude fell 2.1 percent to $39.88 a barrel at 1:45 p.m. London time Tuesday, the lowest since Feb. 20, 2009.
(AP Photo/Gerald Herbert, File)

TPH: Canceled projects could draw down 19 million daily oil barrels

Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects.
(AP Photo/ Nabil al-Jurani, File)

Raymond James expects Iraqi oil surge to slow in 2016

Iraq’s oil production has surged by roughly 1 million barrels per day in 2015, surprising analysts and adding to a global glut of crude that has driven down international oil prices.