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Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
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Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
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IRGC: We strongly affirm that Iran's peaceful nuclear technology cannot be destroyed by any attack

Oil Prices Hit Their Highest in 3 Years

  • By Al Mayadeen Net
  • Source: Agencies
  • 5 Oct 2021 18:36
2 Min Read

The rise in oil prices comes after the decision of OPEC+ to maintain a gradual increase in oil production.

  • x
  • Oil prices are at their highest level in at least 3 years
    Oil prices are at their highest level in at least 3 years

On Tuesday, crude oil prices rose and reached their highest levels in at least 3 years, after the OPEC+ group of producers chose to stick to its planned output rise rather than increase the production even further.

Brent crude rose 23 cents, or 0.3%, reaching $81.49 a barrel, by 03:41 GMT, after rising 2.5% on Monday. West Texas Intermediate (WTI) crude also rose 12 cents, or 0.2%, reaching $77.74, after rising 2.3% in the previous session.

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Algeria to boost oil production as part of OPEC+ output hike

OPEC+ eyes full return of 2.2 million barrels amid compliance rift

On Monday, the Organization of the Petroleum Exporting Countries, OPEC, and its allies including Russia, within the framework of the OPEC+ group, confirmed that they will maintain their agreement to increase oil production but only gradually.

Calls by India and the US to raise production ignored

Calls by the US and India to raise production as the global economy recovers from COVID-19 were ignored.

Capital Economics expected a gradual return of demand growth to normal and that a recovery in supply would begin to affect oil prices as of the fourth quarter of the current year.

The research consultancy added in a note that during the current year, the growth of demand has surpassed supply, contributing to prices reaching multi-year highs. Thus, it is expected that this dynamism will be reversed as OPEC+ increases production.

  • OPEC
  • Oil prices

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