OPEC+ countries agree to keep November oil output steady amid Iran war
In short
Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed Sunday to keep crude production unchanged in November and will meet again on Nov. 1. The decision comes as the Iran war keeps fuel prices elevated, with Brent crude reported above $100 a barrel by one outlet and above $90 by another. The Group of Seven has said it plans to release 100 million barrels of oil and fuel products, starting with diesel.
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Seven of the world’s largest oil-exporting countries agreed Sunday to keep crude production unchanged in November. The OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review conditions in the oil market, according to PBS NewsHour and The Hill. UPI reported that the Organization of the Petroleum Exporting Countries and its allies said they would leave crude output unchanged in November. The Hill, citing an OPEC release, said the countries decided to maintain the production levels they agreed to in September, with Saudi Arabia, Russia and Iraq leading output next month, followed by Kuwait, Kazakhstan, Algeria and Oman. [ 3 , 4 , 5 ]
The decision came as the Iran war keeps fuel prices elevated. PBS NewsHour reported that the fighting has driven the price of benchmark Brent crude above $100 a barrel. The Hill said Brent and West Texas Intermediate both closed above $90 per barrel on Friday, citing the respective international and North American benchmarks. The two documents give different levels for the international benchmark. [ 3 , 4 ]
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, according to PBS NewsHour. The G7 promised a “frontloaded substantial release” of diesel within the next 20 days and the rest over four months. PBS NewsHour reported that diesel prices recently hit record highs in the United States, squeezing farmers, truckers and consumers who depend on the fuel. [ 3 ]
In the United States, a gallon of regular gasoline cost roughly $4.37 as of Sunday, and diesel about $6.34 a gallon, up from roughly $3.70 a year ago, according to AAA data cited by The Hill. [ 4 ]
PBS NewsHour reported that the fighting with Iran began with U.S. and Israeli attacks on Feb. 28 and has disrupted global oil supplies. The Hill said the war has run more than seven months and extended into October after President Trump initially said it would last roughly a month. According to The Hill, the Iranian military has imposed restrictions on shipping in the Strait of Hormuz, a key waterway for the oil trade, and the U.S. military has sought to escort tankers through the strait. Adm. Brad Cooper, head of U.S. Central Command, said last month that American forces had supported the transfer of more than 1 billion barrels of crude through the waterway while assisting over 2,000 commercial ship transits, The Hill reported. [ 3 , 4 ]
Why it matters
The decision leaves global crude supply at existing levels while the Iran war has disrupted oil flows, at a time when U.S. diesel and gasoline prices are already high and the G7 is preparing an emergency fuel release. Because the group sets a large share of world output, its next review on Nov. 1 is a scheduled checkpoint for fuel prices well beyond the countries involved.
Key facts
- Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed on Sunday to keep November crude production unchanged. [ 3 , 4 , 5 ]
- The group will meet again on Nov. 1 to review conditions in the oil market. [ 3 , 4 ]
- The decision was taken amid the Iran war, which the documents say has disrupted global oil supplies and kept fuel prices high. [ 3 , 4 ]
- The Group of Seven said Friday it plans to release 100 million barrels of oil and fuel products in coming weeks, starting with substantial amounts of diesel, frontloaded within 20 days and the rest over four months. [ 3 ]
- U.S. regular gasoline cost roughly $4.37 a gallon as of Sunday and diesel about $6.34 a gallon, up from roughly $3.70 a year earlier, according to AAA data cited by The Hill. [ 4 ]
- PBS NewsHour reported Brent crude above $100 a barrel, while The Hill said Brent and West Texas Intermediate both closed above $90 on Friday. [ 3 , 4 ]
- Iranian forces have imposed restrictions on shipping in the Strait of Hormuz, and the U.S. military has sought to escort tankers through it, according to The Hill. [ 4 ]
Confirmed by several sources
Still unclear
- The level of benchmark crude prices. PBS NewsHour reported Brent above $100 a barrel, while The Hill said Brent and West Texas Intermediate both closed above $90 on Friday; the documents do not reconcile the figures.
- Whether the November level formally matches the production level agreed in September. The Hill attributed that detail to an OPEC release, while the other documents say only that production will be steady or unchanged.
- Where the OPEC+ meeting took place and at what time the decision was made. None of the documents state a location or a time for the meeting.
- What Iran or other parties say about the production decision. No document in this set carries a reaction from Iran or from any government outside the OPEC+ group and the G7.
What local media are saying
Timeline, local time
- PBS NewsHour publishes its report on the OPEC+ decision to keep November production steady. [ 3 ]
- The Hill publishes its report, citing an OPEC release, AAA fuel price data and U.S. Central Command remarks on tanker escorts. [ 4 ]
- UPI publishes its summary that OPEC and its allies will leave crude output unchanged in November. [ 5 ]
- OPEC+ countries are scheduled to meet again to review conditions in the oil market. [ 3 , 4 ]