A deal stopping Iran's nuclear program and lifting Western sanctions on the country would immediately push down oil prices, writes Nick Cunningham. The country has 40 million barrels of oil in storage and could ramp up production quickly.
Exxon Mobil is halting production at three offshore oil platforms because it has no way to transport its crude. In May, a pipeline breach spilled an estimated 100,000 gallons of oil along the scenic Santa Barbara coast.
Russia's state gas company will soon begin surveying for a pipeline through the Black Sea. That pipeline will carry Russian gas to Turkey and into Europe, sidestepping routes through Ukraine that have been shut off amid political disputes.
The debate over lifting the ban on US oil exports is heating up in Washington. Allowing for crude oil exports could create US jobs, writes Michael McDonald, and push down the international price of oil.
Western sanctions on Russia haven't stopped Royal Dutch Shell from partnering with Russia's Gazprom on several projects, writes Charles Kennedy. Many of the projects will help Russian gas get to Europe.