Economic Warfare & Trade Policy Energy & commodities
Saudi Arabia pumped 10.563 million barrels of crude a day in October, up more than 2 million from September and its highest level since the Iran war began in February, OPEC said in a report on Wednesday, Nov. 11, 2026.[1] In the United States, the average price of regular gasoline fell below $4 a gallon this week for the first time in months.[2]
Related: Consumer Prices Rose 0.4% in October as Food Costs Jumped.
What OPEC reported
The OPEC+ group pumped 41.23 million barrels a day in October, up about 2.04 million from September.[1] Higher output from Saudi Arabia and Russia drove the gain.
Saudi Arabia produced 10.882 million barrels a day in February, before the U.S. and Israeli strikes on Iran.[1] Russian output rose after President Donald Trump lifted sanctions on Russian energy and announced an “energy ceasefire” between Ukraine and Russia in mid-October.
Why pump prices are falling
The national average for regular was $3.94 a gallon, down about 40 cents over the past month, according to AAA.[2]
“For now, it’s the seasonal shift, not politics, driving the relief at the pump,” wrote Patrick De Haan, head of petroleum analysis at GasBuddy.[2] Demand eases in the fall, refinery maintenance ends and the cheaper winter blend reaches stations.
Jorge León of Rystad Energy said the main driver is Brent crude, now about $90 a barrel, as more Middle East oil moves by pipeline and diplomacy between the U.S. and Iran intensifies.[2]
What could reverse it
“If we see renewed escalation, much of last week’s oil price decline could quickly reverse,” León wrote.[2] Higher Saudi production “does not automatically mean lower prices at American gas stations,” said Umud Shokri, a senior visiting fellow at George Mason University.[1]
More coverage is in our economics section and energy security hub.
Sources
- Al Jazeera: Oil production nears pre-Iran war levels, OPEC says
- NPR: Why is gasoline suddenly under $4 a gallon?
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