A strong US dollar and soft demand has brought down oil prices. But it is improved technology, such as hydraulic fracking, that has brought about abundant supplies of shale oil from the US onto the market, along with the Middle East, which despite conflict, has not budged on supply.
The Sunni jihadi group Islamic State (IS), which controls large territories in Iraq and Syria has been getting financial support from oil-rich Arab sympathisers outside those two countries, a media report said Sunday.
Pakistan's Prime Minister Nawaz Sharif today had to cancel his trip to Davos to attend the annual meeting of the World Economic Forum (WEF) due to a serious shortage of petroleum in the country which has been plagued by a crippling energy crisis.
Owing to growing international trade, maritime traffic on the world's oceans has increased four-fold over the past 20 years, causing more water, air and noise pollution on the open seas, says a new research.