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Al Mayadeen's correspondent: Israeli occupation forces bombing the Gaza Strip
Al Mayadeen's correspondent: Ceasefire in Gaza takes effect
The Kremlin: Negotiations toward a settlement in Ukraine are currently at a complete standstill
Abu Mujahid: The steadfastness of the Palestinian people and the Resistance thwarted the displacement plan and allowed us to secure the best possible terms in an agreement to halt the genocidal war
Abu Mujahid: We salute whosoever made sacrifices in support of the Palestinian people, foremost among them the martyred Sayyed Nasrallah and Sayyed Safieddine, as well as the people of Yemen and Iran
Abu Mujahid, head of the media office of the Popular Resistance Committees, to Al Mayadeen: The people of Gaza have sacrificed and given their most precious offerings for the Al-Aqsa Flood
Al Mayadeen's correspondent in Gaza: Israeli artillery shelling targeted Khan Younis and the al-Bureij and al-Maghazi refugee camps
Captives may be released as early as Saturday and by Monday at the latest: Source briefed on the details of the agreement.
Netanyahu set to convene security cabinet at 1500 (1200GMT) and government at 1600 (1300GMT) to approve the deal: Source briefed on the details of the agreement
Within the first 24 hours, the Israeli military will complete the first phase of partial withdrawal: Source briefed on the details of the agreement

Next winter to be worse than 2022's for Europe: IMF

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Oct 2022 21:22
  • 1 Shares
3 Min Read

Europe's upcoming winter will sure be difficult, but the one right after it will make it pale in comparison.

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  • Europe's energy crisis will plunge the continent into a cold winter
    Europe's energy crisis will plunge the continent into a cold winter

Europe is going up against a very challenging winter this year; however, the next one will be even worse, International Monetary Fund (IMF) Chief Economist Pierre Olivier Gourinchas said Tuesday as Europe is up against the ropes in terms of energy prices.

"Winter 2022 will be challenging, but winter 2023 will likely be worse," Gourinchas told reporters.

The chief economist also argued that Europe's energy crisis was not a transitory shock, energy supplies' geopolitical realignment is especially broad and permanent.

He pinpointed various policies used by Europe, such as price controls, targeted subsidies, and export bans, and explained that they could lead to additional increases in prices and inflation. "They rarely work," Gourinchas stressed.

The Organization of the Petroleum Exporting Countries (OPEC)'s member states voted on Wednesday on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis.

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As the global economy grapples with various challenges, he said, and with "policymakers continuing to normalize policy to tame high inflation, there is a risk of a disorderly tightening of global financial conditions that may be amplified by vulnerabilities built over the years."

After months of debate, the EU reached an agreement to impose a price cap on Russian oil sales to third countries in an attempt to block Moscow's use of EU-registered vessels for its oil exports, all while excluding pipeline deliveries from the 8th round of sanctions on Russia, Politico Europe reported on Tuesday.

The agreement was reached despite the opposition of Cyprus, Malta, and Greece, which had previously voiced their concern on the matter due to its impact on the shipping industry in the countries and have been promised concessions by Brussels that proposed measures induced through a "monitoring system" to help ease the effects of the embargo that might emerge as a "significant loss of business" if commercial vessels were to resort to reflagging.

This comes as data from the Gas Infrastructure Europe (GIE) association show that in September, the rate of gas injection into European underground gas storage facilities (UGS) decreased by about 30% to 0.25 percentage points per day.

Gas injection average rates into the European UGS comprised 0.45 percentage points in May, 0.37 percentage points in June, 0.36 percentage points in July, and 0.37 percentage points in August.

Typically, mid-October is when Europe's heating season is expected to begin, albeit it was delayed until November the previous year, which means that the upcoming period will be notably harsh for Europe.

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