oil

Oil news covering crude prices, supply, production and energy markets, with reporting on geopolitical developments and effects on Cyprus and the global economy.

Economy

Last year’s fuel budget now takes you 200km less a week

Drivers in Cyprus are paying hundreds of euros more this year to cover the same distances as last year....
Politics

Averof Neofytou calls for review of EU energy sanctions on Russia

Former DISY leader Averof Neofytou on Friday called on the President to press at the next EU summit for...
Economy

Diesel hits record €2.126 a litre with further rises expected

Diesel has reached a record high of 2.126 euros a litre at the most expensive filling stations in Cyprus....
Economy

Heating oil duty cut brought forward as prices rise 77.66%

A cut in excise duty on heating oil is expected to take effect on 23 October, nine days earlier...
Economy

Finance Minister seeks further cut to heating oil tax in Brussels

Cyprus is pressing Brussels to allow a further cut in excise duty on heating oil, after deciding to lower...
Economy

Finance Minister seeks EU approval to change VAT on electricity bills

Finance Minister Makis Keravnos has started a process with the European Commission to change how VAT is charged and...
Economy

Cyprus seeks EU nod for deeper heating oil duty cut

Cyprus has asked the European Commission for a special derogation allowing it to cut excise duty on heating oil...
Economy

Heating oil up 75% as duty cut saves just €22

Heating oil in Cyprus costs about 75 per cent more than a year ago, adding roughly 250 euros to...
Local

Keravnos heating oil EU appeal as government seeks exemption to further lower tax

The Finance Minister is in open communication with Brussels as he attempts to secure the lowest possible drop of...
World

Saudis shut down oil pipeline as Houthis tighten grip on Red Sea shipping

Saudi Arabia has shut down its East-West pipeline after the vital oil conduit came under aerial attack in the...
World

At least 37 dead in Nigeria pipeline incident, group says

At least 37 people died after inhaling fumes as they tried to tap an oil pipeline in southern Nigeria,...
Economy

Cyprus trade deficit widens to €4,679.1 million in first half of 2026

Cyprus's trade deficit widened in the first half of 2026, as imports rose while exports fell compared with the...
Economy

Cyprus economy: leading indicator’s decline eases in July

Cyprus's Composite Leading Economic Indicator (CLI) recorded a milder annual decline in July 2026, suggesting that adverse trends in...
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