📷 Image: Wikimedia Commons / Österreichisches Außenministerium
International
OPEC+ Nations Keep Oil Production Steady in November Amid Rising Prices
✍️ Aaj Tak
🗓 05 Oct 2026, 06:48 AM
👁 20
OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed to maintain current oil output levels for November, a move that comes as Brent crude prices have surged above $100 a barrel due to the ongoing conflict with Iran.
On Sunday, OPEC+ members held a virtual meeting and decided to keep oil production unchanged for November, a move aimed at stabilising the global market amid rising prices.
The decision involved key producers such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, all of whom agreed to maintain their current output levels.
Brent crude has climbed above $100 a barrel, largely driven by tensions with Iran that began after U.S. and Israeli strikes on February 28. The sustained high prices have raised concerns about supply disruptions.
By holding production steady, OPEC+ seeks to balance supply and demand, preventing further price spikes while addressing geopolitical uncertainties.
Market analysts expect the decision to provide short‑term relief, but the long‑term impact will depend on how the conflict evolves and whether other producers adjust output.
The decision involved key producers such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, all of whom agreed to maintain their current output levels.
Brent crude has climbed above $100 a barrel, largely driven by tensions with Iran that began after U.S. and Israeli strikes on February 28. The sustained high prices have raised concerns about supply disruptions.
By holding production steady, OPEC+ seeks to balance supply and demand, preventing further price spikes while addressing geopolitical uncertainties.
Market analysts expect the decision to provide short‑term relief, but the long‑term impact will depend on how the conflict evolves and whether other producers adjust output.