Fact: Commissioner for Gender Equality Josie Christodoulou highlighted the benefits that women bring to diplomacy and emphasized the importance of gender mainstreaming in foreign policy to influence global affairs.
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.
Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.
The Dollar Index (DXY) entered a consolidation phase after reaching a weekly high near 105.00.
Energean, a London-based independent exploration and production company, announced the discovery of new gas findings in the Mediterranean during its first-quarter financial results disclosure.
Britain’s regulators lack the mindset to boost growth and the financial sector’s global competitiveness, according to the City of London.
The CEO of a financial advisory firm believes that the Bank of England should start cutting interest rates this summer despite UK inflation data showing mixed signals.
Interior Minister Constantinos Ioannou and Greek Cypriot Minister of Maritime Affairs and Insular Policy Christos Stylianides discussed migration and the Greece-Cyprus INTERREG Cross-Border Cooperation Programme. They emphasized the importance of supporting countries in the Eastern Mediterranean region, particularly Lebanon, in strengthening their migrant reception and hosting systems. The successful implementation of the cooperation programme led to institutionalized collaboration between the two countries to address challenges in managing migratory flows. A new strategic project involving the procurement of surveillance vehicles was submitted for the new programming period 2021-2027. Both ministers reaffirmed their high level of cooperation and agreed to explore additional synergies to increase readiness and response to operational challenges.
Students in the capital are having difficulty accessing free, cool drinking water at school. The federation of parents’ associations of primary schools in Nicosia is calling for the re-launch and completion of a program announced by the education ministry in 2017 to provide cool and clean water to school units.
The richest 1 percent of Dutch workers, about 140,000 people, pay significantly less tax than others, according to a study by the Netherlands Bureau for Economic Policy Analysis (CPB) spanning from 2011 to 2019.