Dubai, Oct 5:
Seven major oil-exporting countries have agreed to maintain their current production levels in November as the Iran conflict continues to disrupt global supplies and push crude prices higher.
The OPEC+ subgroup comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reached the decision on Sunday. The group will meet again on November 1 to review developments in the oil market.
Benchmark Brent crude has risen above $100 a barrel amid concerns over supply disruptions linked to the conflict involving Iran, which began on February 28 following US and Israeli attacks.
Meanwhile, the Group of Seven wealthy democracies has announced plans to release 100 million barrels of oil and fuel products in the coming weeks to ease pressure on global markets. The G7 said a substantial quantity of diesel would be released within the next 20 days, with the remaining supplies to be made available over four months.
Diesel prices have recently reached record levels in the US, putting additional pressure on farmers, transport operators and consumers dependent on the fuel.