OPEC+ Stands Firm on Quotas Amid Iran War Disruptions

OPEC+ has decided to maintain oil production quotas unchanged in November due to ongoing disruptions in output caused by the Iran war. The decision is expected to be finalized at a video conference on Sunday, with several major OPEC producers significantly underperforming pre-war levels.

The move follows the group's existing production roadmap, which has already signaled that it will pause further quota increases through the end of 2026. In practice, this means that actual market supply remains limited by the conflict in the Persian Gulf.

The OPEC+ decision comes as crude prices push back towards $100 a barrel and diesel prices hit records. The Group of Seven has coordinated an emergency stock release of 100 million barrels of crude oil and petroleum products from reserves, with the U.S. contributing to this effort.