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BREAKING
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area

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

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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