1. Oil leak continues to spill crude and natural gas onto Alaska's North Slope near Prudhoe Bay.
It’s been three days and multiple failed attempts to remedy the situation; however, the BP oil well spill in Alaska continues because the company has determined the spill site is too dangerous for workers to approach. BP hasn’t yet been able to quantify how much oil has spilled in the area, but stated, as of Sunday, there have been no injuries to workers or harm to wildlife in the area.
The leak was discovered Friday morning when BP workers noticed crude oil and natural gas spraying from the top of it, but the cause is still undetermined. As of now, this is nowhere near as monumental as the 2010 Deepwater Horizon disaster in the Gulf of Mexico. That spill killed 11 workers and created the largest offshore oil spill in U.S. federal waters.
Iran in favor of continued supply cuts.
In advance of the May 25th OPEC meeting, Iran is going on record in support of continued restrictions on oil supply. The Iranian Students' News Agency (ISNA) reported that Iranian Oil Minister Bijan Zanganeh “stressed that most countries want OPEC's decision to be extended," and that Iran would be in favor of this as well. Currently OPEC, and some non-OPEC countries such as Russia have agreed to cut output for the first six months of 2017 in an effort to reverse price decreases from the market be oversupplied since mid-2014.
North Korea’s Sunday missile launch fails, US, not the only one wearing thin on patience.
Everyone seems to be ready for extended geopolitical tensions after North Korea attempted and failed to launch a ballistic missile. Thankfully, the missile blew up almost immediately after it launched, but failure doesn’t mean respite. The US has already shown it’s not playing games by moving battle cruisers and aircraft carriers to the region, but it’s looking like China is finally losing patience as well. According to a state Chinese media outlet, Huanqui, China is considering a suspension of its crude oil exports to North Korea after their latest tests. With China on board, this would be a near fatal blow to North Korea because they depend on China for nearly 90% of their crude oil supply. Without crude oil imports from China, North Korea’s economy would come to a complete standstill.