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Record Decline Predicted in Global Oil Market: What It Means for Cyprus

by News Editor

April 30, 2025

The global oil market braces itself for an unprecedented monthly decline, marking the most significant drop in three years. Concerns about oversupply amidst decreasing fuel demand due to the ongoing trade tensions persist. Explore how Cyprus is navigating these global shifts with strategic innovations.

Key Insights

The price of Brent crude oil and U.S. light oil futures fell by 1.34%, with Brent at $63.39 per barrel and WTI at $59.61 per barrel.
Both contracts have experienced substantial monthly decreases of 15% for Brent and 16% for light oil, marking the largest monthly drops since November 2021.

Market Dynamics

On April 2, the announcement of increased tariffs by the U.S. President instigated a trade conflict with China, leading to economic strains in both superpowers. The trade war is predicted to slow down the global economy, and the Consumer Confidence Index in the U.S. dropped by 7.9 points in April, the lowest since May 2020.

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On May 5, OPEC+ members are scheduled to discuss production quotas amidst differing views on increasing output. This meeting may influence global market stability. Meanwhile, Cyprus is adapting its economic strategies to these changing global dynamics, with plans for enhancing regional cooperation and sustainability.

Investor Outlook

The uncertainty stemming from trade wars casts a shadow over investor sentiment, though some reassurance comes from proposed tariff relaxations. Analysts warn that the oil market will remain pressured as long as policies prioritize lower oil prices to manage inflation. Nevertheless, Cyprus remains resilient, pushing forward with its ambitious strategic plans.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

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In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.