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BREAKING
Hamas: We demand that mediators and the US administration assume their responsibility regarding the occupation's crimes and intervene to compel it to stop bombing civilians.
Hamas: The Netanyahu government is seeking, through massacres, to confuse the mediators' efforts and disrupt efforts to implement the agreement.
Hamas: The massacre committed west of Gaza City, which resulted in the martyrdom and injury of more than 70 civilians, is a new brutal crime.
Israeli Channel 12: Witkoff and Kushner participate in the Israeli cabinet meeting discussing the ceasefire deal.
Al Mayadeen correspondent: A series of Israeli airstrikes targeted areas southwest of Gaza City.
Hamas Gaza chief Al-Hayya: We extend our deep appreciation to those who shared our blood and battle with us from our nation in Yemen, Lebanon, Iraq, and the Islamic Republic of Iran.
Hamas Gaza chief Al-Hayya: We extend our great appreciation to those who stood in solidarity with us from among the free people around the world.
Hamas Gaza chief Al-Hayya: We received guarantees from mediators and the US administration that the war is completely over.
Hamas Gaza chief Al-Hayya: 250 prisoners sentenced to life imprisonment and 1,700 prisoners from the Gaza Strip will be released.
Hamas Gaza chief Al-Hayya: Today, we announce an agreement to end the war and aggression against our people and to begin implementing a permanent ceasefire.

Oil Prices Hit Their Highest in 3 Years

  • By Al Mayadeen Net
  • Source: Agencies
  • 5 Oct 2021 17:36
2 Min Read

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

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  • 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

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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