OPEC+ Agrees to Steady Oil Production Amid Record High Diesel Prices

Oil prices have been driven up by the ongoing conflict between Iran and other countries. The OPEC+ subgroup, consisting of seven major oil-exporting nations including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, has agreed to keep production steady in November.

The decision comes as the price of benchmark Brent crude oil has risen above $100 a barrel due to supply disruptions caused by the Iran war. The conflict began with US and Israeli attacks on February 28.

The Group of Seven wealthy democracies announced plans to release 100 million barrels of oil and fuel products in the coming weeks, starting with 'substantial' amounts of diesel. Diesel prices have recently hit record highs in the United States, affecting farmers, truckers, and consumers who rely on this fuel.