Oil prices increase as EU plans to ban Russian oil
May 5, 2022, 2:32 pm

Oil prices increase as EU plans to ban Russian oil

European parliament-Strasbourg-Flags/Pixabay

The Xinhua reported, oil prices rose sharply on Wednesday (May 4) after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies.

The West Texas Intermediate (WTI) for June delivery added 5.4 U.S. dollars, or 5.3 percent, to settle at 107.81 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 5.17 dollars, or 4.9 percent, to close at 110.14 dollars a barrel on the London ICE Futures Exchange.

European Commission President Ursula von der Leyen said Wednesday that the EU will phase out Russian supply of crude oil within six months and refined products by the end of the year. The plan is part of a sixth package of sanctions targeting Moscow over its military operation in Ukraine.

EU countries imported on average 3.5 million barrels of crude oil and oil products per day from Russia in the fourth quarter of 2021, said Carsten Fritsch, energy analyst at Commerzbank Research, citing data from the International Energy Agency.

Germany says quitting Russian oil by late summer is ‘realistic’

He added: "This quantity now has to be sourced elsewhere on the market, which is likely to tighten supply if all other things remain equal and should in turn push up prices."

Source: xinhua

Pope Francis uses wheelchair in public for first time since knee pain flare-up WHO: About 15 million people dead in 2020 and 2021 due to Covid-19

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.