OPEC+ Keeps Production Steady Amid Rising Oil Prices
Major oil-exporting countries have agreed to keep production steady in November as global oil prices continue to rise. The OPEC+ subgroup, consisting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, made this decision at a meeting on Sunday.
The price of benchmark Brent crude oil has exceeded $100 per barrel due to the ongoing conflict with Iran, which began with US and Israeli attacks on February 28. The fighting has disrupted global oil supplies, driving prices higher.
In response, the Group of Seven wealthy democracies announced plans to release 100 million barrels of oil and fuel products in the coming weeks. This will include a 'frontloaded substantial release' of diesel within the next 20 days, with the rest being released over four months.