OPEC+ Holds Line as Iran War Disrupts Supply

OPEC+ has agreed to keep oil production quotas unchanged in November due to ongoing disruptions from the Iran war. The seven-member subgroup led by Saudi Arabia and Russia reached this decision ahead of their video conference on Sunday.

The move follows OPEC+'s existing production roadmap, which was already signaling a pause on further quota increases through the end of 2026. These latest increases have been largely symbolic in terms of actual market supply, with output from major OPEC producers significantly below prewar levels.

Crude prices are pushing back toward $100 a barrel and diesel prices have hit records due to the supply shock. The Group of Seven has coordinated an emergency stock release of 100 million barrels of crude oil and petroleum products from reserves, which is expected to begin immediately and run for four months.