Major oil exporters agree to keep production steady in November

Seven major oil-exporting countries agreed on Monday to keep production steady in November at a time when the Iran war has driven the price of benchmark Brent crude oil above US$100 (NZ$178.35) a barrel.

The so-called OPEC+ subgroup – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – will meet again on November 1 to review conditions in the oil market.

The fighting with Iran, which began with US and Israeli attacks on February 28, has disrupted global oil supplies and driven prices higher.

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The Group of Seven wealthy democracies said Saturday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with "substantial" amounts of diesel. Diesel prices recently hit record highs in the United States, squeezing farmers, truckers and consumers who depend on the fuel.

The G7 promised a "frontloaded substantial release" of diesel within the next 20 days and the rest over four months.