OPEC+ Maintains Oil Production Levels Amid Elevated Fuel Prices
The seven largest oil-exporting nations have agreed to keep their oil production levels steady in November. The OPEC+ group, which includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia, decided to maintain the production levels set in September, according to an OPEC statement.
Under the agreement, Saudi Arabia, Russia, and Iraq will continue to lead oil production next month, followed by Kuwait, Kazakhstan, Algeria, and Oman. The group plans to meet again on November 1 to review the situation.
Gas and diesel prices have surged due to the ongoing Iran war, which has extended beyond the initial one-month projection by President Trump. Brent and West Texas Intermediate crude oil, key benchmarks for international and North American markets, closed above $90 per barrel on Friday.
In the U.S., the average cost of a gallon of regular gas reached $4.37 as of Sunday, while diesel prices climbed to about $6.34 per gallon, up from roughly $3.70 a year ago. The Iranian military has restricted shipping in the Strait of Hormuz, a crucial route for oil trade, prompting the U.S. military to escort tankers through the strait.
Admiral Brad Cooper, head of U.S. Central Command, reported that American forces have supported the transfer of over 1 billion barrels of crude oil through the Strait of Hormuz in recent months, assisting more than 2,000 commercial ship transits.