Investing.com -- Major OPEC+ producers are expected to keep oil production quotas unchanged in November as the Middle East conflict continues to restrict output from several members, Bloomberg reported. Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now » A group of seven producers led by Saudi Arabia and Russia has reached an agreement in principle to maintain existing targets next month, delegates said ahead of a video conference Sunday where the decision is expected to be finalised. The move would follow the alliance's existing production roadmap after OPEC+ previously signalled that further quota increases would be paused through the end of 2026.

Oil futures have been moving back towards $100 a barrel amid disruptions caused by the Iran war, with diesel prices also reaching records at the pump. The supply pressures prompted Group of Seven countries to announce the release of up to 100 million barrels of emergency oil and diesel stocks.

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Our AI's list of investor-grade stock picks for October just dropped » OPEC+ agreed to a series of modest quota increases during the six months through August, theoretically reversing production cuts introduced in 2023. The increases have had limited impact on actual global supply since the war has reduced production across the Persian Gulf. Output from major OPEC members including Saudi Arabia, Iraq and Kuwait remains significantly below levels recorded before the conflict. That disruption has also reduced the immediate significance of changes to the group's formal production targets. Gulf producers could have greater scope to increase actual output if regional conditions stabilise.

The alliance's attention is expected to turn next to another layer of production that has remained offline since 2022. Any decision on restoring that supply is likely to be influenced by an ongoing assessment of members' production capacity, which will help determine how future quotas are distributed across the group. OPEC+ ministers are scheduled to meet on Nov. 29 to settle production policy for 2027.

Original Article OPEC+ set to hold November oil quotas steady as Middle East conflict hits output Beyond the gas pump: How much oil do we really consume?

Group of Seven countries to release up to 100 million barrels of emergency stocks