OPEC+ Keeps Oil Quotas Steady Amid Ongoing Conflict

OPEC+ nations are set to maintain oil production quotas unchanged in November as the Middle East conflict disrupts output and pushes crude prices near $100 a barrel. The decision comes amidst ongoing hostilities, which have shuttered significant swaths of the group's output.

A sub-group of seven countries led by Saudi Arabia and Russia is expected to keep targets steady next month, in line with an existing roadmap. This move follows the alliance's previous agreement to pause production quota hikes through the end of this year.

The Iran war has had a severe impact on Persian Gulf output, blunting the effect of any decisions made by OPEC+. Production levels in leading members such as Saudi Arabia, Iraq, and Kuwait remain significantly below pre-conflict levels.