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Al Mayadeen's correspondent in Lebanon: Israeli occupation forces carried out an explosion in the southern border town of Kfar Kila
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.

Brent crude slides below $83 a barrel

  • By Al Mayadeen English
  • Source: Agencies
  • 21 Nov 2022 19:17
2 Min Read

Brent crude falls below $83 for the first price since the end of September, as Saudi Arabia and other OPEC members are said to be negotiating an increase in output.

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  • The sun sets behind an idle pump jack near Karnes City, USA. (AP)
    The sun sets behind an idle pump jack near Karnes City, USA (AP)

Global oil prices plummeted 5% on Monday, with Brent crude sliding below $83 per barrel for the first time since September 27, as Saudi Arabia and other OPEC members are said to be negotiating an increase in output.

As of 14:27 GMT, January Brent crude futures were down 4.9% to $83.33 per barrel, while January WTI futures were down 4.71% to $76.36, as per trading data.

The world's most liquid oil contract, WTI crude oil futures, which is also the US benchmark because it has the largest share of total US production, fell below $80 on Friday.

In this past week alone, it went down to more than 11% despite declining inventories and OPEC+ cuts. 

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Reasons for this drop are various but according to speculators, it is likely due to concerns over geopolitical tensions and the possibility for China to close down its borders due to rising numbers of Covid cases. 

But China has technically re-opened, which means that demand should go up.

As winter is approaching, energy consumption should go up. But that also does not seem to be happening.

As the US dollar has come under some serious firepower on the downside, the price of oil is supposedly higher in dollar terms.

But when the US dollar is strong, fewer US dollars are required to buy a barrel of oil. Around 1305 GMT, a barrel of WTI for delivery in December was down 1.9 percent at $80.08.

As for the main EU contract, Brent for delivery in January went down 1.6 percent at $88.33.

  • Brent crude oil
  • US
  • global markets
  • China
  • Russia

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