OPEC+ Holds Production Quotas Unchanged Amid Iran War Disruptions

OPEC+ has decided to keep oil production quotas unchanged for November, as the ongoing Iran war continues to disrupt output across the Persian Gulf. This move aligns with the group’s existing production roadmap, which had already paused further quota increases through the end of 2026. The conflict has significantly reduced output from major OPEC producers, including Saudi Arabia, Iraq, and Kuwait, limiting the practical impact of the group’s decisions.

The decision comes as crude prices push back toward $100 a barrel, with diesel prices hitting record highs. The supply shock has prompted the Group of Seven (G7) to coordinate a massive emergency stock release of 100 million barrels of crude oil and petroleum products, beginning immediately and running for four months. The G7 also committed to avoiding energy export restrictions between member nations and urged other oil-producing countries to avoid measures that could further tighten global supplies.

President Donald Trump announced that the U.S. will not impose a proposed diesel export ban after the G7 agreed to release the emergency reserves. The emergency action follows the International Energy Agency's record 400-million-barrel coordinated stock release in March, underscoring the scale of the supply shock facing global energy markets.

Crude oil prices were mixed last week, with U.S. West Texas Intermediate (WTI) futures expiring in November falling 1.41% to $91.26 a barrel. However, Brent crude futures expiring in December rose 3.47%, hovering around $102.72 a barrel. The United States Oil Fund ETF (USO) declined about 2% on Friday, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell about 0.4%.