They have been routinely extended for six-month periods over the past eight years. The EU has imposed nine rounds of sanctions on Moscow since it launched a major cross-border offensive last year. Some eastern European nations had sought to extend the sanctions by one year this time.

Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI. The deal is expected to be inked on Saturday at an official ceremony. The development of the offshore sites is hoped to produce 850 million cubic feet of gas per...

Iran's economy has been subject to increasing pressure with fresh sanctions imposed by Western countries over the authorities response to protests sparked by the death of Mahsa Amini.

The rhetoric has shifted from talk of a recession in the 20-nation club to "a small contraction", she said, with some major economies like Germany possibly dodging a contraction altogether.

Despite pressure on him to authorize delivery of tanks to Ukraine, German Chancellor Olaf Scholz pledged support to the war-scarred country for "as long as necessary". Germany's allies in Europe have implored the country to agree to the export of Leopard heavy tanks to help Ukraine repel Russia's invasion.

The US Inflation Reduction Act signed by President Biden last year, is the most significant climate pact since the Paris Agreement in 2015, says IEA Executive Director Fatih Birol.

Steve Hanke, an economist at Johns Hopkins University who measures inflation based on purchasing power parity and factoring in black market exchange rates, estimated Egypt's real inflation rate at 101 percent. The economy, dominated by state and military-owned enterprises, had already struggled after successive blows, from years of political unrest...

ABU DHABI, UAE - European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company CEO predicted on Saturday, warning that market volatility could last for years. Russian gas exports to Europe plunged after Moscow's invasion of Ukraine but Saad Sherida al-Kaabi, head of QatarEnergy,...

"There's no doubt that our 53rd annual meeting in Davos will happen against the most complex geopolitical and geoeconomic backdrop in decades. So much is at stake," said Borge Brende, a former Norwegian foreign minister who is now president of the meeting.

Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel.

The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their LNG supplies in both near and distant future.

Most of Turkey's demands have involved Sweden because of its more robust ties with the Kurdish diaspora.

Russian President Vladimir Putin had unilaterally ordered his forces to pause attacks for 36 hours for the Orthodox Christmas.

Abu Dhabi, UAE- The UAE has dispatched a second consignment of household generators for the Ukrainian civilians affected by the ongoing war with Russia. In December, the UAE announced that it's sending 2,500 household generators to civilians affected by the ongoing crisis in Ukraine that has disrupted energy infrastructure and...

Food prices soared to a monthly record high in March after Russia invaded agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world. A Russian naval blockade that prevented Ukrainian grain exports was lifted following a deal in July that was brokered by Turkey and the...

Erdogan's call for a ceasefire followed a proposal earlier Thursday by Russia's spiritual leader Patriarch Kirill for an Orthodox Christmas truce this week.

The setback comes despite a record 4.7 percent drop in energy consumption last year, partly in response to soaring fuel prices because of the war in Ukraine. But the energy saving gains were wiped out by the government's decision to burn more coal and oil to make up for the...

Washington, United States--Two World Bank entities provided a record $75 billion in financing last year, said a letter by its president, as developing countries faced crises like climate change and Russia's invasion of Ukraine. The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from war in...

Speculations are rife that the decision by Tehran could have been taken in retaliation to India's suspension of the import of fruits like kiwis and peaches from Iran.

A mild winter has enabled countries to tap less gas from stocks that were built up in anticipation of cuts in supplies from Russia, which was Europe's main supplier before the war.

Footage from the war-themed Arma 3 video game has been used repeatedly in recent months in fake videos about the Russian offensive in Ukraine.

The price ceiling of $60 per barrel agreed by the European Union, G7 and Australia came into force in early December and seeks to restrict Russia's revenue.

After repeated denials about its drones being used by Russia against Ukraine in the conflict, Iran's top general has said that Western claims show the 'effectiveness' of Tehran's unmanned aerial vehicles. Ukraine and its Western allies have accused Russia of using Iranian-made drones to carry out attacks.

"At the core of it all is the policy of our geopolitical opponents aiming to tear apart Russia, the historical Russia," Putin said. "They have always tried to 'divide and conquer'... Our goal is something else -- to unite the Russian people," he said.

The $1.7 trillion blueprint passed by senators on Thursday was rubber-stamped by the House of Representatives just hours ahead of a midnight deadline to keep the federal government open -- although a damaging holiday season shutdown was never a serious threat. "This bill is further proof that Republicans and Democrats...

Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative for the country's industry told AFP Friday. "We expect a grain harvest of 65-66 million tonnes" by the end of the year, the head of the Ukrainian Grain Association Sergiy...

Americans called him heroic and compared the visit to that of Britain's premier Winston Churchill, who came to Washington in 1941 and addressed the Congress on wartime cooperation between the two allies -- as Zelensky did later Wednesday evening. Before he addressed the special joint session of Congress, Zelensky was...

Algeria "doesn't support the idea of limiting prices", Energy Minister Mohamed Arkab said, speaking a day after EU energy ministers agreed a temporary ceiling to mitigate a severe energy crunch following Russia's invasion of Ukraine. "Energy markets must stay free so upstream" investments can continue, he told a press conference,...

Sweden's Supreme Court cited the risk of Turkey's "persecution based on this person's political beliefs" when it blocked the request on Monday.

Germany plans to open four more government-funded LNG terminals over the next few months as well as a private terminal in the port of Lubmin.

Ifo's positive outlook came a day after a closely watched survey showed German investor confidence rising again in December.

Diplomats said a preliminary agreement had been struck among the 27-member bloc to bolster the European Peace Facility, which has already committed over 3 billion euros to covering the cost of weaponry for Kyiv. They could sign off on the move Monday.

The EU is set to impose more sanctions on Iran for drone supplies to Russia and a crackdown on protests over the death of Mahsa Amini, European diplomats said. The new measures will target around eight individuals and organizations involved in the manufacture and delivery of drones Moscow has used...

Istanbul, Turkey - Turkey said Wednesday it has started requesting proof of insurance from tankers loaded with Russian crude oil after Western powers imposed a price cap to punish the Kremlin for its war on Ukraine. But a Turkish official denied that the measure was slowing the passage of oil...

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

The $60 oil price cap will come into effect on Monday or soon after, alongside an EU embargo on maritime deliveries of Russian crude oil.

PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential" to tackle high prices, security and climate change, the IEA said on Friday. Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households...

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

The reading -- the lowest since Eurostat started compiling jobless figures in April 1998 -- was an indicator that the economies of the 19 EU nations using the euro had bounced back after the Covid pandemic. The seasonally adjusted unemployment rate was markedly less than the 7.3 percent recorded a...

Boosted by soaring energy and food bills triggered by Russia's war in Ukraine, the rate of price increases had hit a new historic record every month since November 21. The November figure will decrease pressure on the European Central Bank to further increase interest rates, although its president has expressed...

Britain's Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the government said in a statement. "Trading digitally is particularly important in the current conflict, where damage to Ukrainian infrastructure and warfare makes it much harder to trade physically," the statement...

BERLIN, GERMANY - Russian missile strikes on energy infrastructure in Ukraine constituted a "war crime", German Justice Minister Marco Buschmann said Tuesday after hosting talks with his G7 counterparts. A Russian campaign of missile strikes has severely damaged Ukraine's energy infrastructure and plunged millions into darkness as the country endures...

The European Union gave itself legal authority to take action against anyone who helps Russia avoid its sanctions, the EU presidency said. It said member states agreed that violating sanctions against Russia be considered an "EU crime". This would make it easier to add individuals and entities from outside the...

It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was projected to witness a final round next December at a rate of 0.25 percent, due to the approaching winter season and the intensification of the cold wave in western Europea,...

Several European leaders were in Kyiv on Saturday to commemorate the victims of the 1932-33 Holodomor -- Ukrainian for "death by starvation" -- which is regarded by Kyiv as a deliberate act of genocide by Stalin's regime.

COPENHAGEN, DENMARK - Denmark's autonomous Faroe Islands have renewed a fishing quota deal with Russia for one year despite Moscow's invasion of Ukraine, a local minister said on Saturday. "The Faroe Islands are totally right to extend their existing fishing agreement with Russia," the North Atlantic archipelago's minister of fisheries...

Gross domestic product grew "despite difficult general conditions in the global economy such as the continuing Covid-19 pandemic, delivery bottlenecks, continuing price rises and the war in Ukraine," it said. A separate survey on Friday showed that German consumer confidence has edged up again following a long period of decline,...

High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's intermittent Covid-19 restrictions intensify the decline.

Kyiv and Moscow traded accusations of shelling on the territory of the Zaporizhzhia nuclear power plant that Russia controls in southern Ukraine. The UN atomic watchdog that has a team of experts at the plant - the biggest nuclear facility in Europe - said "powerful explosions" had occurred on Saturday...