Major oil exporters agree to keep production steady in November
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Seven major oil-exporting countries agreed Sunday to keep production steady in November at a time when the Iran war has driven the price of benchmark Brent crude oil above $100 a barrel.
The so-called OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review conditions in the oil market.
The fighting with Iran, which began with U.S. and Israeli attacks on Feb. 28, has disrupted global oil supplies and driven prices higher.
The Group of Seven wealthy democracies said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with “substantial” amounts of diesel. Diesel prices recently hit record highs in the United States, squeezing farmers, truckers and consumers who depend on the fuel.
The G7 promised a “frontloaded substantial release” of diesel within the next 20 days and the rest over four months.