OPEC Keeps Oil Quotas Steady Amid Middle East Conflict
OPEC nations are set to keep oil production quotas unchanged in November as conflict in the Middle East continues to affect output. A sub-group of seven countries led by Saudi Arabia and Russia has agreed to maintain targets steady, in line with an existing road map.
The decision comes amid rising oil futures prices, which have crept back up to $100 a barrel, and record diesel prices at the pump. The Organization of the Petroleum Exporting Countries and its allies had previously signaled that they would pause production quota hikes through the end of this year.
The Iran war has blunted the impact of OPEC's decisions, with production in leading members such as Saudi Arabia, Iraq, and Kuwait remaining below pre-conflict levels. The alliance will next consider restoring halted output taken offline in 2022, a process likely to be shaped by an ongoing audit of members' production capacity.