Major oil exporters agree to keep production steady in November

Seven major oil-exporting nations, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to maintain steady production levels in November. This decision comes as the Iran war has caused benchmark Brent crude oil prices to exceed $100 per barrel. The OPEC+ group, composed of these seven countries, will reconvene on November 1 to assess the current state of the oil market.

The ongoing conflict with Iran has disrupted global oil supplies, contributing to the recent surge in oil prices. In response to the situation, the Group of Seven wealthy democracies has announced plans to release 100 million barrels of oil and fuel products over the coming weeks. This "frontloaded substantial release" of diesel is expected to begin within the next 20 days, with the remaining supply distributed over the following four months.