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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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Cypriot Government Employment Sees Modest Growth in April

by THEFUTURE.TEAM

May 12, 2025

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

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Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.