OPEC+ Nears Deal to Hold November Oil Quotas Steady as Middle East Conflict Persists

Major OPEC+ nations have reached an agreement in principle to keep oil production quotas unchanged in November, delegates said on October 4, 2026, ahead of a Sunday video conference to finalize the decision. A sub-group of seven countries led by Saudi Arabia and Russia will maintain current targets in line with an existing roadmap. The move comes as oil futures approach $100 a barrel and diesel prices hit record levels at the pump amid ongoing Middle East conflict. The G7 has responded by releasing emergency oil stocks. The supply disruptions have tightened global crude markets, pushing prices toward the $100 threshold.