Seven major oil-exporting countries decided to maintain the current level of oil production in November. This decision was made against the backdrop of a sharp rise in Brent crude prices, which exceeded the $100 per barrel mark due to the ongoing conflict with Iran. These countries will hold another meeting on November 1st.
Meanwhile, the G7 group announced on Tuesday plans to release 100 million barrels of oil and fuel onto the market, starting with diesel fuel. As part of this initiative, the G7 promised to begin releasing a large batch of diesel fuel within the next 20 days, and to bring the remainder to the market over four months.
The OPEC+ subgroup includes countries such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. At the meeting on Sunday, these seven states agreed that the production volume in November would neither be increased nor decreased, meaning the current level of oil supply would be maintained. The group will meet again on November 1st to assess the market situation.
The question of the reasons for such high oil prices is linked to the war involving Iran, which began after attacks by the US and Israel on February 28th. This conflict has caused disruptions in global oil supplies, leading to price increases. Since Brent oil is considered the global benchmark for oil prices, its reaching the $100 mark is a significant event.
Amid this tense market, the group of seven developed democratic countries, the G7, has also taken steps. On Friday, the G7 announced its intention to release 100 million barrels of oil and fuel in the coming weeks. The release will begin with a large volume of diesel fuel. Currently, diesel fuel prices in the US have reached record highs, causing concern among farmers, truck drivers, and ordinary consumers dependent on this fuel type.
Thus, a situation is observed where exporting countries are maintaining production stability, while G7 countries are preparing to introduce additional quantities of oil and fuel into the market. All attention is focused on the meeting scheduled for November 1st.