Oil Price in Cyprus — Brent & WTI Crude Today

Cyprus produces no oil and imports all of its refined products, though major offshore gas discoveries in its exclusive economic zone are under development. For now its fuel market tracks Mediterranean Brent-based product prices.

Classified here as a net importer, Cyprus trades against Dated Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Cyprus settles at.

Cyprus produces no meaningful volume of crude, so every barrel consumed has to be bought at an internationally set price. That makes the Brent benchmark a direct input into the trade balance: a sustained move in crude shows up in the current account, in the currency, and eventually in domestic inflation.

Dated Brent is the reference for Atlantic Basin, European and West African trade, so the headline Brent price maps fairly directly onto import and export contracts here.

Cyprus has no significant refining capacity, so it imports finished fuel rather than crude. Its pump prices follow product cargo quotations — which include the exporting refiner's margin and the freight for the route — so local prices can rise even in weeks when Brent is falling, if refining margins or shipping rates are tightening.

Crude is invoiced in US dollars, so buyers in Cyprus face two prices at once: the Brent price and the EUR exchange rate. A weakening EUR raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 0.92 EUR per USD.