Leading oil exporters have acknowledged the need to boost supplies to curb soaring prices but stopped short of specific commitments on extra output. Following their week end crisis summit in Saudi Arabia, officials noted price levels were hostile and more investment was needed to ensure adequate supplies.
European Union leaders have admitted that the Czech Republic may not be able to ratify the Lisbon Treaty, which has already been rejected by the Irish. The declaration from their summit in Brussels notes that the Czech process is on hold due to legal difficulties.
The European Parliament (EP) on Thursday proposed increasing fishing sector aid up to EUR 100,000 (from 30.000 EUR) per vessel, instead of per company – as is the case today - in order to alleviate the effect of rising fuel prices.
European Union leaders have agreed to a 3-month study to find ways of cushioning the impact of soaring energy prices on the region's citizens. At an energy summit in Brussels, ministers discussed plans to ease the pain of record oil and gas prices on consumers and companies.
Gibraltar's Chief Minister Peter Caruana 13th appearance before the United Nations General Assembly Special Committee of 24 was his last. In a dramatic turn of events on Wednesday he robustly indicated that it was pointless to keep returning because the Committee of 24 had never acted on Gibraltar's behalf but had always chosen and continued to be silent.
China, the world's second-largest consumer of oil, is to raise the price of petrol and diesel by 18%. The move, which could depress demand for oil from the fast-growing economy, caused the price of crude to fall 4 US dollars.
European Union leaders meeting in Brussels refused to set a deadline for a deal on the stalled Lisbon Treaty after its rejection by the Irish and insisted that real issues as Europe's economic situation are the priority.
The top United Nations human rights official has hailed the adoption of a new legal instrument which will enable people to submit complaints on violations of their economic, social and cultural rights to an international human rights body.
British Parliament has effectively ratified the EU Lisbon reform treaty despite the recent decision by Irish voters to reject it. A last-ditch Tory bid to delay the process for four months was defeated by a margin of 93, and peers later gave the EU Amendment Bill a third reading.
European Central Bank Executive Board member Juergen Stark said the acceleration in Euro zone inflation to 3.7% in May, the highest rate recorded since the launch of the Euro is a cause for alarm.