US seizes oil tanker off Venezuela
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The Trump White House confirms efforts to restore the nation's emergency oil reserve following its depletion during the previous Biden administration.
Using U.S. forces to take control of a merchant ship is unusual and marks the Trump administration's latest push to increase pressure on Maduro, who has been charged with narcoterrorism.
The International Energy Agency trimmed its forecast of next year's global oil supply glut for the first time since May on Thursday, flagging higher demand prospects due to a stronger world economy and lower supply from nations under sanctions.
The lawsuit filed Wednesday in Los Angeles Superior Court charges four oil companies with failing to properly clean up at least 227 idle or exhausted wells in the oil field near Baldwin Hills.
Investigators say the suspects drove trucks to restaurants across the country and stole used cooking oil from collection tanks. That oil can be refined into biofuels. Investigators say they transport the oil to warehouses in Iowa and other states, where they sold it and laundered the money. Of the 13 charged, four lived in Des Moines.
Oil prices closed lower on Friday, marking a 4% weekly decline as a supply glut and a potential Russia-Ukraine peace deal outweighed worries about any impact from the U.S. seizure of an oil tanker near Venezuela.
Oil and gas companies spent $300 million in bids on more than 1 million acres, a decline of around 27% compared to the last auction in 2023. Experts say the decline in bids is actually a good sign.
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