Indonesia has agreed to expand defense industry cooperation with France, following recent agreements with both United States and Russia, Jakarta announced on Wednesday after high-level talks in Paris.

The global oil market is once again entering a period of sharp turbulence. Geopolitical conflicts, threats to critical energy transport routes, and rising inflation expectations have pushed energy prices upward. At first glance, such developments might seem to benefit oil-exporting countries. After all, higher prices mean higher revenues. Yet the reality of the modern energy economy is far more complex. Extremely high oil prices can be just as problematic for producers as a dramatic collapse in the market.

BP has agreed to sell a 65% stake in its Castrol lubricants business to investment firm Stonepeak for approximately $6 billion, valuing the unit at $10.1 billion.

Since the 2010s, Azerbaijan has significantly strengthened its position on the international stage, emerging as a notable player due to its stable economic growth. The oil and gas sector has remained the primary driver of this progress, continuing to serve as the backbone of the economy. However, despite its external economic reliance on energy resources, Azerbaijan has made substantial strides in diversifying its economy. This has led to notable advancements in agriculture, trade, and tourism, despite ongoing challenges in regional development.

By Maria Zhigadlo

Iran’s Vice President, Mohammad Reza Aref, stated that while the country is open to negotiating and engaging with Western nations regarding its nuclear program, it will never succumb to external pressures. Aref emphasized Iran’s determination to maintain its sovereignty and pursue its nuclear objectives independently, despite international demands or sanctions, News.az reports citing Mehr news agency.

The European Union is facing an increasing threat of falling behind in the global race for net-zero technologies, particularly as China's clean tech sector rapidly expands, according to a report by Brussels-based think tank, Strategic Perspectives.

The Russian Armed Forces have hit the Ukrainian energy facilities crucial for the country’s defense industry, the Russian Defense Ministry said in a statement, News.Az reports citing TASS .

Azerbaijan’s Energy Minister Parviz Shahbazov met with Israeli Regional Cooperation Minister David Amsalem.