(Bloomberg) \u2013 Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group\u2019s output.\u00a0<\/p>\n
A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference on Sunday. It\u2019s in line with their existing production roadmap. \u00a0<\/p>\n
The plans come as oil futures creep back up to the $100-a-barrel mark and diesel hits records at the pump amid ongoing conflict in the Middle East, spurring Group of Seven nations to\u00a0release emergency stocks.<\/p>\n
The Organization of the Petroleum Exporting Countries and its allies had already signaled that they would pause production quota hikes through the end of this year, after agreeing a series of modest increases in the six months through August.\u00a0<\/p>\n
Those increases, largely symbolic because of the impact the Iran war has had on Persian Gulf output, theoretically unwound cutbacks made in 2023 and may give the group\u2019s Gulf members greater scope to boost output when the conflict abates.\u00a0<\/p>\n
The Iran war has blunted the impact of any decisions the group has made because production in leading OPEC members such as Saudi Arabia, Iraq and Kuwait remains significantly below levels pumped before the conflict.<\/p>\n
The seven-nation sub-group will convene online again on Nov. 1, according to Sunday\u2019s statement. It will likely finalize plans for December at that gathering.<\/p>\n
Another OPEC+ body, the Joint Ministerial Monitoring Committee, also met online on Sunday and reiterated its \u201cconcern regarding attacks on energy infrastructure\u201d and their impact on market stability.\u00a0<\/p>\n
The alliance\u2019s next major decision will be whether to restore another layer of halted output taken offline in 2022, a complicated process likely to be shaped by the outcome of an ongoing audit of members\u2019 production capacity.\u00a0<\/p>\n
Policy for next year will be settled at a full ministerial meeting on Nov. 29. The JMMC will hold its next session the same day.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) \u2013 Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the…\n","protected":false},"author":2,"featured_media":636548,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3335,55663,114,2382,164773,85,6605,46,17471,6606,287437,287436,34250,200011,140378,2595,6805,287434,287435,287438,1593,78],"class_list":["post-636547","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-algeria","tag-brent-crude","tag-business","tag-crude-oil-prices","tag-global-oil-market","tag-il","tag-iraq","tag-israel","tag-kazakhstan","tag-kuwait","tag-middle-east-oil-production","tag-november-oil-production","tag-oil-output","tag-oil-production-quotas","tag-oil-supply","tag-oman","tag-opec","tag-opec-oil-production","tag-opec-production-targets","tag-opec-meeting","tag-russia","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/636547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=636547"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/636547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/636548"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=636547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=636547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=636547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}