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Iranian Foreign Ministry: Reimposing sanctions on Iran is illegal
Occupied Palestine: Israeli occupation forces raid homes during a raid on the village of Al-Burj, south of al-Khalil
Hamas spokesperson Hazem Qassem: The movement remains committed to implementing the ceasefire agreement through the handover of another Israeli captive’s body earlier this evening
Al-Arida to Al Mayadeen: We were deprived of all means of communication, and we were isolated from the other detainees so as not to receive any piece of information
Freed prisoner and leader of Operation Freedom Tunnel, Mahmoud al-Arida, to Al Mayadeen: Were it not for the pro-Resistance media, the situation of the isolated detainees would have been catastrophic
Iranian Foreign Ministry: The sanctions reinstated by the E3 are non-binding, and we deem them illegal
Iranian Foreign Ministry: Iran, Russia, and China will send a letter to the United Nations and the Security Council tomorrow confirming the expiration of Resolution 2231 and the end of sanctions
Local Afghan sources: Pakistani airstrikes hit the Arghun district of Paktika province, southeastern Afghanistan, after the ceasefire expired
Hamad to Al Mayadeen: We will return the bodies and abide by the agreement we approved, but what is happening now is an attempt by "Israel" to exert more pressure
Hamad to Al Mayadeen: The issue of the [Israeli] bodies is complex and requires time, especially since the occupation changed the features of Gaza, which we explained to the mediators

OPEC+ Concerned Over Oil Market in Light of New COVID Variant

  • By Al Mayadeen
  • Source: Agencies
  • 26 Nov 2021 23:27
2 Min Read

OPEC+ closely monitors the new COVID-19 variant amid worries over the outlook for the oil market.

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  • A 3D printed oil pump jack is seen in front of displayed Opec logo (Credit: Reuters)
    A 3D printed oil pump jack is seen in front of an Opec logo. (Credit: Reuters)

OPEC+ is closely eyeing the new COVID-19 variant as some are expressing their concerns that it may have an adverse impact on the oil market outlook days ahead of a policy-setting meeting, sources reported.

The organization is already facing attempts to release oil stocks, led by the US, in a bid to mitigate the surge in prices. However, a source reported that Russia, a key member of the organization, has not yet expressed concern over the variant.

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OPEC+ has resisted the US calls for lowering oil prices, adhering to unwinding 2020's output curbs through adding 400,000 barrels of supply per day every month since August.

Global authorities reacted in a very alarmed manner to the detection of a new COVID-19 variant, as the European Union, the United Kingdom, India, and various other counties announced stricter border control. Oil dipped by over 10%, making for the largest plunge since April 2020.

"Not good as it adds bearishness to an already weak outlook," said an OPEC delegate about the new variant while asking to remain anonymous. Another said, "This could be the case, although it was too early to say."

OPEC will be meeting on December 2 to decide output policy, which could see them assessing the significance of the variant for the market.

  • United States
  • OPEC
  • B.1.1.529 variant
  • Russia
  • India
  • COVID-19
  • OPEC+
  • United Kingdom
  • European Union

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