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Europe's farmers stir up biogas to offset Russian energy

In lush fields southwest of Paris, farmers are joining Europe's fight to free itself from Russian gas.

They'll soon turn on the tap of a new facility where crops and agricultural waste are mashed up and fermented to produce "biogas." It's among energy solutions being promoted on the continent that wants to choke off funding for Russia's war in Ukraine by no longer paying billions for Russian fossil fuels.

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EU members wrangle with Hungary over Russian oil ban

European diplomats were locked in difficult negotiations Friday to agree a new package of sanctions against Russia, with Hungary opposed to a ban on Russian oil imports.

Negotiators expect the talks to continue until Sunday, but remain hopeful of a compromise.

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Lufthansa warns of price rises as tourist demand takes off

German national carrier Lufthansa said Thursday that ticket prices could rise as the cost of energy soars following the Russian invasion of Ukraine. 

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Inflation in Turkey soars to eye-popping near 70% in April

Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households.

The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14% in March.

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OPEC+ opens oil taps gradually as Russian war roils markets

OPEC and allied oil-producing countries decided Thursday to stick to a modest increase in production, even as Europe's proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.

At an online meeting, the alliance known as OPEC+ — which includes non-member Russia — stayed with its road map to gradually open the oil taps, agreeing to add 432,000 barrels per day in June. The plan is to make those regular increases to restore cuts made in 2020 during the worst of the pandemic recession.

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Venezuela's Maduro, others meet with Iran oil minister

President Nicolás Maduro and other high-ranking Venezuelan officials have met with the oil minister of Iran to discuss cooperation in energy matters and efforts to defeat economic sanctions imposed by the U.S. and its allies.

Officials from both oil-producing nations ratified agreements in this week's meetings in Venezuela, according to a statement from that country's Petroleum Ministry. Iran's delegation was led by Oil Minister Javad Owji.

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Europeans weigh costs of cutting Russian energy over Ukraine

Across Europe, rising energy prices are testing the resolve of ordinary consumers and business owners who are caught between the continent's dependence on cheap Russian energy and its revulsion over President Vladimir Putin's invasion of Ukraine.

Governments are trying to replace energy supplies from Russia, mindful that their regular payments are funding a war that has seen thousands of civilian deaths and widespread destruction. They also face a nerve-wracking showdown with Moscow over its demands for payments in rubles, and the possibility that Russia will block supplies, as it did to Bulgaria and Poland last week.

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EU chief proposes gradual Russian oil import ban

EU chief Ursula von der Leyen on Wednesday said the EU would impose a gradual Russian oil ban, as Brussels unveiled new sanctions to punish Russia for invading Ukraine.

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Iran's oil minister meets Maduro in Caracas

Iran's oil minister has paid an official visit to ally Venezuela to meet President Nicolas Maduro and discuss ways to "overcome" the effects of U.S. sanctions against both nations, officials said. 

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Aoun greets workers on Labor Day, calls for productive economy

President Michel Aoun on Sunday greeted Lebanese workers as the country marked Labor Day, pledging that he will continue to work for “transforming Lebanon’s economy from a rentier economy into a productive one.”

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