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

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
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Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
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