Large oil exporters agree to continue consistent production in November

Seven of the world’s largest oil-exporting nations within the OPEC+ framework announced they will hold baseline production unchanged for November, preserving the output settings they adopted in September. The participating countries named in the statement were Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, with Saudi Arabia, Russia and Iraq identified as the principal producers for the month.

OPEC+ described the move as a maintenance of the prior agreement and said leaders from the seven countries will meet again on Nov. 1 to reassess conditions. The grouping combines members of the Organization of the Petroleum Exporting Countries and several other exporters that coordinate production policy.

The decision arrives against a backdrop of elevated fuel prices tied to the Iran war, which has lasted more than seven months. The conflict has affected shipping in the Strait of Hormuz, a major transit route for oil, prompting increased security activity. U.S. Central Command reported it had supported the transfer of over 1 billion barrels of crude through the strait in recent months and assisted more than 2,000 commercial ship transits, according to Centcom commander Adm. Brad Cooper.

Market indicators show continued price pressure: both Brent and West Texas Intermediate crude finished above $90 per barrel on Friday. In the United States, retail fuel prices have risen as well, with AAA reporting an average regular gasoline price of about $4.37 per gallon and diesel near $6.34 per gallon as of Sunday, increases from roughly $3.70 per gallon for diesel a year earlier.