Commodities
OPEC+ Agrees to Steady Production Amid Iranian Conflict Drives Oil Prices
Major oil exporters have agreed to keep production steady in November amid the ongoing conflict between the US and Iran, which has driven up global oil prices. The OPEC+ subgroup, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will meet again on November 1 to review market conditions.
The fighting with Iran has disrupted global oil supplies and pushed the price of benchmark Brent crude above $100 a barrel. In response, the Group of Seven wealthy democracies plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with 'substantial' amounts of diesel.