Oil producers agree on way to monitor oil cut

Powerful investors are demanding climate action from oil and gas giants for the sake of their bottom lines as well as the planet.

The price of oil has hit its highest level in three years after the oil cartel OPEC and its allies called off planned talks on Monday over changes to global supplies. Russia and Saudi Arabia had been pushing to increase production after last year's supply cuts, but the United Arab Emirates disagreed. News that the virtual meeting had been abandoned sent oil prices higher in early trading on Tuesday. Also today, we look at how a shortage of rental cars is impacting holidaymakers in France.

The attack on the Mercer Street vessel off the coast of Oman is the latest escalation in an already fraught relationship between the two countries.

Iran and the UK have clashed over a suspected drone attack on an oil tanker that killed two people. The US secretary of state has promised a coordinated response.

The attack on the Mercer Street vessel last week left two people dead. The ship is tied to a prominent Israeli billionaire, with Tel Aviv vowing retaliation.

Italian oil company Eni announced a huge offshore find of oil and gas resources in Ivory Coast. The discovery comes after a $185 million (€156 million) investment in energy exploration by two foreign firms.

Norway's two-day election began Sunday, with many voters concerned about how the oil-rich nation can give up its addiction to fossil fuels. For some, being the world's fastest adopter of electric vehicles isn't enough.

Norway's two-day election began Sunday, with many voters concerned about how the oil-rich nation can give up its addiction to fossil fuels. For some, being the world's fastest adopter of electric vehicles isn't enough.

In Nigeria, the government has launched a drive to revive the country's once thriving palm oil business, part of a bid to diversify away from petroleum and help create jobs. But small-scale producers say that loans from the Central Bank of Nigeria are only going into the pockets of bigger factory owners.

An oil spill in Southern California closed beaches and led authorities to cancel the last day of the Pacific Air Show. At least 126,000 gallons (98,420 liters) of oil spilled off the coast of Orange County.

The massive oil spill from 480,000 liters leaking off the Orange County coast is slowly moving south, threatening marine-protected areas as well as popular beaches. On the coastline of South California, most beaches are closed, with efforts to clean areas impacted by the oil ongoing.

Nigeria's dependence on crude oil makes its economy vulnerable. But the transition to an economy not based on oil won't be easy.