OPEC+ Keeps Oil Quotas Unchanged Amid Iran War Disruptions

OPEC+ has decided to keep oil production quotas unchanged in November as the ongoing Iran war continues to disrupt output across the Persian Gulf.

The decision comes after OPEC+ had already signaled that it would pause further quota increases through the end of 2026, following modest production increases during the six months through August. However, the latest increases had largely been symbolic in terms of actual market supply, as the Iran war has significantly impacted output from major OPEC producers.

The move is expected to keep crude prices on the boil, with Brent crude futures expiring in December rising 3.47% this week, 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%.

The OPEC+ decision comes as governments move to counter the growing fuel-supply squeeze, with President Donald Trump saying that the U.S. will not impose a proposed diesel export ban after the Group of Seven nations agreed to coordinate the release of 100 million barrels of crude oil and petroleum products from emergency reserves.