OPEC Steers Clear of Output Increases Amid Ongoing Middle East Conflict

OPEC and its allies have agreed to keep oil production targets steady in November, as conflict in the Middle East continues to impact output. The decision was made during a monthly video conference on Sunday.

The seven-nation sub-group led by Saudi Arabia and Russia will keep targets steady in line with their existing production roadmap. This comes as oil futures have crept back up to $100 a barrel, leading to surging prices at the pumps.

OPEC+ had already signaled that they would pause production quota hikes through the end of this year. The increases made in recent months were largely symbolic due to the impact of the Iran war on Persian Gulf output.