Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media reported explosions being heard in large areas of occupied Palestine after air raid sirens and air defenses were activated.
Araghchi: The Iranian delegation has sent written clarifications to the American side several times, and we have yet to receive any written response from the US envoy.
Araghchi: The defensive and missile capabilities of the Islamic Republic of Iran give strength and leverage to the negotiators.
Iranian Foreign Minister Abbas Araghchi: If the other parties were capable of destroying our nuclear facilities militarily, they wouldn’t have entered talks with us.
Araghchi: Talks mean that the other parties are unable to impose their will on Iran through military force.
An earthquake strikes the Turkish city of Konya, with aftershocks felt in Ankara.
Reuters, citing a senior Iranian official: Tehran would only ship its highly enriched uranium abroad if US sanctions were lifted "verifiably and effectively".
Reuters, citing a senior Iranian official: Iran has not received any fresh proposal from the United States to resolve a decades-long nuclear dispute.
Ansar Allah leader Sayyed Abdul Malik al-Houthi: The horrific scale of crimes committed by the Israeli enemy in the Gaza Strip clearly constitutes genocide.
Pezeshkian: We believe in negotiations, but not in threats and imposed dictates, and we will never back down from preserving Iran's dignity.

OPEC cuts down production target for fifth time since April

  • By Al Mayadeen English
  • Source: News websites
  • 15 Nov 2022 16:07
  • 1 Shares
3 Min Read

This report comes right before OPEC and its allies, known as OPEC+, convene on December 4 to set policies on their agenda.

  • x
  • OPEC logo (Reuters)
    OPEC logo (Reuters)

Citing economic challenges such as high inflation and interest rate increases, since April and for the fifth time, OPEC (The Organization of the Petroleum Exporting Countries) cut its forecast for 2022 global oil demand growth - cutting down next year’s figure as well. 

"The world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022," OPEC said in its report, including the fact that oil demand in 2022 will rise by 2.55 million barrels per day, amounting to 2.6% - down 100,000 bpd from the previous forecast. 

"Downside risks include high inflation, monetary tightening by major central banks, high sovereign debt levels in many regions, tightening labor markets, and persisting supply chain constraints."

Related News

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

OPEC+ to boost oil output again amid market weakness, internal rift

This report comes right before OPEC and its allies, known as OPEC+, are set to convene on December 4 to set policies on their agenda - part of which included recent production cuts. 

The group, which Saudi Arabia's energy minister quoted saying last week as saying that they will remain cautious, made a 100,000-barrel-per-day cut to the OPEC+ production target for October, with an even bigger one due in November. The report further emphasized that OPEC output fell by 210,000 barrels per day in October alone to 29.49 million, more than the vowed OPEC+ reduction.

The US is concerned that OPEC's probable decision to reduce oil production will pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report. The Biden administration assembled its top energy, economic, and foreign policy officials and entrusted them with lobbying Middle East allies, such as Saudi Arabia, the United Arab Emirates, and Kuwait to vote against decreasing oil production.

The Saudi Foreign Minister, Prince Faisal bin Farhan, stated in October that the OPEC+ decision was solely economic and had no political implications. He also said in an interview with Saudi-owned Al Arabiya television that the coalition aims to stabilize energy markets and advance the interests of producers and consumers. He added that relations with the US are long-standing and strategic, claiming that military cooperation between the two countries has contributed to peace and stability in the region.

  • OPEC
  • US
  • OPEC+
  • Oil prices
  • Saudi Arabia

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
A boy draped in a Palestinian flag carries a mock rocket during a weekly anti-US and anti-Israeli rally in Sanaa, Yemen, Friday, May 9, 2025 (AP)

Yemen announces hypersonic missile strike on Ben Gurion Airport

  • Politics
  • 9 May 2025
President Donald Trump, left, greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington (AP)

US pressures 'Israel' for Gaza deal; Witkoff's Israeli rebuke leaked

  • US & Canada
  • 9 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
A Fly Dubai plane is parked on the tarmac at Ben Gurion International Airport in the Occupied Palestinian Territories, Sunday, Nov. 10, 2024 (AP)
Economy

Israeli tourism suffers $3bln loss amid 'unprecedented' crisis

Israeli Prime Minister Benjamin Netanyahu speaks during an annual ceremony in al-Quds, Occupied Palestine, April 29, 2025 (AP)
Politics

Netanyahu refuses to budge, captive talks stall: Israeli officials

Susan Sarandon joins hundreds urging BBC to release delayed Gaza film
Europe

Susan Sarandon joins call for BBC to air documentary on Gaza medics

In this photo released by the Saudi Royal Palace, Syria's interim President Ahmad al-Sharaa, left, shakes hands with President Donald Trump, centre, in Riyadh, Saudi Arabia, Wednesday, May 14, 2025 (AP)
Politics

'Israel' blindsided by Trumps' Syria sanctions lift: The Times

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS