Total SA

France plans to stop oil and gas production by 2040, and the authorities in the country will stop issuing new permits from next year. This includes a draft law presented at a cabinet meeting yesterday, Bloomberg reports.

Iran's official news agency said the country has exported its crude shipment to Europe for the first time since it reached a landmark nuclear deal with world powers last month.

Eastern European countries dependent on Russian gas are scrambling for alternatives after President Vladimir Putin blindsided them with a decision to scrap a pipeline bypassing Ukraine.

By Nikos Chrysoloras & Georgios Georgiou

Cyprus said success drilling in deep waters off the eastern Mediterranean island this year may offer Europe a way to loosen Russia’s grip on its energy supplies.