OPEC+ To Keep Oil Quotas Unchanged In November As Iran War Continues To Impact Output, Keeping Crude Prices On The Boil: Report

• The move would follow the group’s existing production roadmap. OPEC+ had already signaled that it would pause further quota increases through the end of 2026.
• The latest increases had largely been symbolic in terms of actual market supply, with the Iran war disrupting production and exports across the Persian Gulf.
• The conflict has left output from major OPEC producers, including Saudi Arabia, Iraq and Kuwait, significantly below prewar levels, limiting the practical impact of the group’s quota decisions.

OPEC+ is reportedly set to keep oil production quotas unchanged in November as the Iran war continues to disrupt output across the Persian Gulf.

The decision comes as crude prices push back toward $100 a barrel and diesel prices hit records, with the supply shock prompting the Group of Seven to coordinate a massive emergency stock release.

OPEC+ Holds The Line As Iran War Disrupts Supply

The seven-member OPEC+ subgroup led by Saudi Arabia and Russia has reached an agreement in principle to keep November production targets unchanged, delegates told Bloomberg ahead of Sunday’s video conference, where the decision is expected to be finalized.

The move would follow the group’s existing production roadmap. OPEC+ had already signaled that it would pause further quota increases through the end of 2026, after implementing modest production increases during the six months through August.

The latest increases had largely been symbolic in terms of actual market supply, with the Iran war disrupting production and exports across the Persian Gulf.

The conflict has left output from major OPEC producers, including Saudi Arabia, Iraq and Kuwait, significantly below prewar levels, limiting the practical impact of the group’s quota decisions.

OPEC+ is expected to settle its broader 2027 production policy at a full ministerial meeting in November.

Trump Drops Plan To Ban Diesel Exports

The OPEC+ decision comes as governments move to counter the growing fuel-supply squeeze.

President Donald Trump said that the U.S. will not impose a proposed diesel export ban after the “Group of Seven” nations agreed to coordinate the release of 100 million barrels of crude oil and petroleum products from emergency reserves.

The release will begin immediately and run for four months, with the G7 saying a “substantial” amount of diesel will reach the market during the first 20 days.

Trump had repeatedly floated restricting U.S. diesel exports as European fuel supplies came under pressure following disruptions to Gulf production.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately,” Trump said in a Truth Social post.

The G7 also committed to avoiding energy and energy-product export restrictions between member nations and urged other oil-producing countries to avoid measures that could further tighten global supplies.

The group said it will coordinate the releases through the International Energy Agency and could discuss additional diesel releases if market conditions deteriorate further.

The emergency action follows the IEA's record 400-million-barrel coordinated stock release in March, underscoring the scale of the supply shock facing global energy markets.

Crude Oil Prices Mixed

Crude oil prices were mixed last week, with the U.S. West Texas Intermediate (WTI) futures expiring in November falling 1.41% to $91.26 a barrel after a 3.82% fall the week before. However, Brent crude futures expiring in December rose 3.47% this week, hovering around $102.72 a barrel after a 0.46% increase the week before.

The United States Oil Fund ETF (USO) declined about 2% on Friday, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell about 0.4%.

During the after-hours session on Friday, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, rose 0.03%; the Invesco QQQ Trust ETF (QQQ) was flat; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.12%. Retail sentiment on Stocktwits toward the S&P 500 ETF was in the ‘extremely bullish’ territory at the time of writing.

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