Seven leading oil-producing nations agreed Sunday to leave crude output unchanged in November, as the war involving Iran pushed the benchmark Brent price past $100 a barrel.
The OPEC+ group involved in the decision—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman—is scheduled to reconvene Nov. 1 to assess the latest developments in global oil markets.
The conflict with Iran began after U.S. and Israeli strikes on Feb. 28, disrupting oil flows and adding fresh upward pressure to energy prices around the world.
Meanwhile, the Group of Seven wealthy democracies announced Friday that it intends to put 100 million barrels of crude and refined fuel products into the market over the coming weeks. Diesel will make up a significant portion of the initial release, following a sharp price surge that has strained farmers, truck operators and other fuel-dependent consumers in the United States.
Under the G7 plan, a major shipment of diesel will be released within 20 days, with the remaining supplies distributed over the following four months.
