Seven major oil-exporting countries agreed on Sunday to maintain production levels in November amid rising oil prices due to the ongoing conflict involving Iran. The countries involved in this decision are part of the OPEC+ subgroup, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They are scheduled to reconvene on November 1 to assess the oil market conditions.
The conflict with Iran, which escalated following U.S. and Israeli attacks on February 28, has disrupted global oil supplies, contributing to an increase in oil prices. As a result, the price of benchmark Brent crude oil has surpassed $100 per barrel.
In response to the rising prices, the Group of Seven (G7) nations announced on Friday their intention to release 100 million barrels of oil and fuel products over the coming weeks, with an initial focus on diesel. Diesel prices have reached record highs in the United States, impacting farmers, truckers, and consumers reliant on this fuel. The G7's plan includes a significant release of diesel within the next 20 days, followed by the remainder over a four-month period.