The world is running out of storage facilities supplies of oil and may soon exhaust tanker space, raising the chances of a plunge in crude prices.

Oil may be king of the commodities, but its physical form is tough to come by.

The 46 countries that have at least one sovereign wealth fund have largely set them up for a rainy day.

NZOG declared today a 34.7 percent increase in "developed reserves" at the Kupe oil and gas field.

The Auckland Council intends to hold a debate and a vote on whether to oppose exploratory oil drilling in an area of seabed off the west coast.

Auckland Council will vote on Thursday over whether to allow offshore oil exploration off Auckland's west coast.

New Zealand Refining, operator of the country's only oil refinery, added an extra US cent to its margins from recent upgrades.

At Bergen harbour, there's a forlorn look about the oil service ships tied up bow to stern.

Partially completed buildings stand during construction this month at the Williston Apartments luxury development in Williston, North Dakota.

The recent rally in Z shares convinced Infratil and the Super Fund that it was time to sell.

High levels of pollution are being emitted by diesel vehicles built by a range of carmakers other than Volkswagen, it has been reported.

Infratil will book a profit of $392m on the sale of its remaining 20pc stake in Z Energy.

The oil and gas sector is heading into one of the quietest summers for years, with permits surrendered and smaller players gobbled up by bigger companies.

Oil prices rose for a second straight day after the European Central Bank indicated more stimulus could be on its way for the eurozone.

Z Energy is warning it's facing a potential multi-million dollar bill from NZ Customs - backdated to 1986.

An oil company with an exploration licence off Northland has been accused by Greenpeace of trying to secretly get onside with iwi leaders.

Russia's energy pivot toward Asia faces its sternest test next month when Vladimir Putin visits Beijing amid slumping oil prices and concerns over China's economic slowdown.

Solid Energy acting chairman Andy Coupe admitted it was "unlikely" that any sale, or sales, would cover its outstanding debt.

Genesis Energy announced its last two coal-burning electricity generators at Huntly Power Station will be shut down.

Mr Key said Solid Energy had $300 million of outstanding debt and was in a "precarious position".

New Zealand Oil & Gas says exploration drilling of the Barque prospect in the Canterbury Basin, which has the potential to be the nation's biggest-ever hydrocarbon discovery, is expected to start in 2017.

The world's big energy groups have shelved US$200 billion ($298 billion) of spending on new projects in an urgent round of cost-cutting to protect dividends as the oil price slumps for a second time this year.

Iran, once OPEC's second-biggest producer, will boost its oil exports by 500,000 barrels a day immediately after sanctions are lifted

Government spends up to 20 times more money on wooing oil and gas companies to New Zealand than it does on promoting renewable energy, newly released figures show.

The New Zealand Middle East Business Council says they are monitoring "the potential of opening up of trade with Iran".

While the world is distracted by the Greek saga and China something really important is going on: Iran and oil.

Firefighters have been working to contain a poisonous gas leak at a meatworks near Ngaruawahia this morning - the second at the company in less than a fortnight.

The Commerce Commission has indicated a timeframe on when it expects to make a decision the acquisition.