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OPEC plans to keep oil production quotas steady in November
Delegates said a group of seven countries led by Saudi Arabia and Russia will hold November targets unchanged as Middle East conflict continues to disrupt output.
Major OPEC nations have an agreement in principle to keep oil production quotas unchanged next month, according to delegates cited by LiveMint Markets. The plan is set to be finalized during a video conference on Sunday.
LiveMint Markets reported that a sub group of seven countries led by Saudi Arabia and Russia is expected to keep its November targets steady under an existing road map.
The decision comes as oil futures creep back toward $100 a barrel and diesel prices hit records at the pump, with the ongoing conflict in the Middle East continuing to shutter parts of OPEC output. LiveMint Markets added that Group of Seven nations released emergency stocks.
LiveMint Markets also said OPEC and allies had previously signaled they would pause production quota hikes through the end of this year, after agreeing on modest increases in the first half of the period. The article notes the increases are largely symbolic because the Iran war has affected Persian Gulf output.