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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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Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

by THEFUTURE.TEAM

November 12, 2026

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

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New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

Ilikos Charalambous, vice-president for commerce
Vasos Demetriades, vice-president for industry
Christos Nicolaou, vice-president for services
Nicolas Agiomamitis, vice-president for tourism
Ilias Theodorou, vice-president for finance
Demosthenes Mavrellis, vice-president for innovation and technology
Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.