Major OPEC+ nations have agreed in principle to leave crude oil production quotas unchanged for November. The Organization of the Petroleum Exporting Countries and its allies announced the decision on Sunday.
The move comes as the US-Israeli war on Iran continues to shutter swaths of the group's output and disrupt exports. The conflict has driven the price of benchmark Brent crude oil above $100 a barrel.
The cartel and Gulf OPEC+ producers have been pumping well below their output targets amid the war. Growing security risks threaten to undermine a recent recovery in regional crude exports, keeping the supply outlook uncertain.
A subgroup including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will meet again on Nov. 1 to review conditions in the oil market.