Large oil exporters agree to continue consistent production in November

Seven of the world’s largest oil-exporting countries agreed Sunday to maintain their baseline production levels for November, as fuel prices remain elevated amid the Iran war.

The “OPEC+” group, which includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, decided to “maintain” oil production levels they agreed to in September, the Organization of the Petroleum Exporting Countries (OPEC) said in a release .

Under the countries’ agreement, Saudi Arabia, Russia and Iraq will lead the way in oil production next month, followed by Kuwait, Kazakhstan, Algeria and Oman.

Leaders from the seven countries will meet again on Nov. 1, the release noted. OPEC+ includes countries that are members of the oil-producing organization and other exporters.

Gas and diesel prices have spiked during the seven-plus-month Iran war, which has extended into October after President Trump initially said it would last roughly a month .

Brent and West Texas Intermediate crude oil, the respective international and North American benchmarks, both closed at above $90 per barrel on Friday.

The energy shocks have extended to the U.S., where a gallon of regular gas costs roughly $4.37 as of Sunday, according to data from AAA. Diesel also costs about $6.34 per gallon, up from roughly $3.70 a year ago, AAA reported.

Throughout the conflict, the Iranian military has imposed restrictions on shipping in the Strait of Hormuz, a key waterway for the oil trade.

The U.S. military, meanwhile, has sought to escort tankers through the strait. Adm. Brad Cooper, the head of U.S. Central Command (Centcom), said last month American forces had supported the transfer of more than 1 billion barrels of crude oil in recent months through the waterway.

“We’ve reached this significant milestone while assisting over 2,000 commercial ship transits through the strait by providing coordinated protection. Clearly momentum is building,” Cooper said in a video Centcom posted to social media .