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Strikes continue in French refineries, disrupt fuel supplies

Continuing strikes at TotalEnergies group refineries in France seriously disrupted fuel supplies Friday after the left-wing CGT union rejected a deal over a pay increase that two other unions had agreed to.

The CFDT and CFE-CGC unions, which together represent a majority of the group's French workers, agreed overnight to a 7% pay rise and a financial bonus. But The CGT rejected the deal, holding out for a 10% pay rise.

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20 Lebanese entrepreneurs win ILO competition for best business idea

Twenty entrepreneurs, mainly women and young people, have won an International Labor Organization competition and cash prize to assist them in developing their local businesses in disadvantaged areas in northern Lebanon.

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UK Treasury chief out as prime minister plans U-turn

British media say Treasury chief Kwasi Kwarteng has left the government, ahead of an announcement by Prime Minister Liz Truss on changes to an economic package that sparked market turmoil.

The BBC and Sky News reported Kwarteng's departure on Friday. It comes after a month in the job — and three weeks after he announced a tax-cutting "mini budget" that sent the pound plunging to record lows against the dollar.

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'No waiting': Turkey, Russia to act on Putin's gas hub offer

Turkish President Recep Tayyip Erdogan said Friday that Turkey and Russia have instructed their respective energy authorities to immediately begin technical work on a Russian proposal that would turn Turkey into a gas hub for Europe.

Russian President Vladimir Putin has floated the idea of exporting more gas through the TurkStream gas pipeline running beneath the Black Sea to Turkey after gas deliveries to Germany through the Baltic Sea's Nord Stream pipeline were halted.

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Fayyad says Qatar interested in gas exploration in blocks 4, 9

Qatar is interested in gas exploration in Lebanon, caretaker Energy Minister Walid Fayyad said Friday, a day after President Michel Aoun announced Lebanon's official approval of a U.S.-brokered border demarcation deal with Israel, unlocking significant offshore gas production.

Fayyad said that Qatari Energy Minister Saad al-Kaabi has expressed Qatar's interest in joining the companies that will explore the block 4 and the block 9, where the Qana field is located.

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Oil rift only latest 'crack' in time-worn US-Saudi bond

Saudi Arabia's push for oil production cuts has placed new strain on its stormy relationship with the United States, though analysts say any predictions of an all-out break are premature.

The move last week by OPEC+ -- composed of the Riyadh-led OPEC cartel and an additional group of 10 exporters headed by Russia -- would reduce global output by up to two million barrels per day from November.

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France starts exporting gas to Germany amid energy crisis

France has for the first time started sending natural gas to Germany, French gas network operator GRTgaz said Thursday, as Berlin strives to diversify its energy supply following the interruption of Russian gas deliveries.

GRTgaz said the gas pipeline connecting both countries at the French border village of Obergailbach has began delivering an initial daily capacity of 31 gigawatt-hours.

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US inflation pressures further intensified in September

Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received and ensuring that the Federal Reserve will keep raising interest rates aggressively.

Consumer prices rose 8.2% in September compared with a year earlier, the government said Thursday. On a month-to-month basis, prices increased 0.4% from August to September after having ticked up 0.1% from July to August.

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Saudis say US sought 1 month delay of OPEC+ production cuts

Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.

A statement issued by the Saudi Foreign Ministry didn't specifically mention the Nov. 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. "suggested" the cuts be delayed by a month. In the end, OPEC announced the cuts at its Oct. 5 meeting in Vienna.

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German government: Economy to shrink in 2023 as war bites

The German government on Wednesday slashed its growth forecast for this year and predicted that Europe's biggest economy would shrink in 2023 as it deals with the fallout from Russia's war in Ukraine, including Moscow cutting off natural gas supplies.

The Economy Ministry said it expects Germany's gross domestic product to grow by 1.4% this year and then decline by 0.4% next year. In late April, it had forecast 2.2% growth in 2022 that would accelerate to 2.5% next year.

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