XLE & Oil

Saudis Tell OPEC Production Surged to Highest Since War Began

Rigzone·Nov 11, 2026 · 8:40 AM CT
Read the original at Rigzone
Readthrough summary

Saudi Arabia told OPEC its crude production jumped 26% in October to 10.56 million barrels a day, the highest since before the war and slightly above its quota, according to a report seen by Bloomberg. Iraq also reported a war-time high of almost 4.9 million barrels a day; the extra supply is weakening prices, with Brent down about 21% this month at around $93.

Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Rigzone.

Read the original at Rigzone

More XLE & Oil

DOE News·

Energy Department Closes $480 Million Loan to Expand American Energy Production and Strengthen Offshore Infrastructure in the Gulf of America

The Department of Energy closed a $480 million loan for Arena Energy's Project Elkhorn, which will modernize 22 offshore platforms off Louisiana. At peak the project is expected to add up to 38,600 barrels of oil and 77 million cubic feet of gas per day, and DOE says it's the office's first closed loan supporting oil and gas production.

OilPrice.com·

Ukrainian Drone Attack Sparks Fire at Russia’s Key Baltic Oil Export Hub

A Ukrainian drone attack hit Russia's Ust-Luga port on the Baltic Sea early Wednesday, sparking a fire and an emergency shutdown at a transformer substation, the Leningrad region governor said. Ust-Luga is Russia's top Baltic export port for oil and other commodities and has been targeted repeatedly as Ukraine hits Russian refineries and export infrastructure.

Rigzone·

USA Gasoline Falls Below $4 for 1st Time Since August

The U.S. average gasoline price fell 15.9 cents in a week to $3.96 a gallon, below $4 for the first time since August, GasBuddy says, though still 92.2 cents higher than a year ago. Analyst Patrick De Haan said the midterm elections weren't the cause, pointing to seasonal refinery output, falling demand and more oil moving through the Strait of Hormuz.

Rigzone·

Petrobras Results Disappoint

Petrobras posted lower-than-expected third-quarter earnings despite record oil and gas output and high crude prices, as spending on offshore projects rose and an export tax on oil and diesel cost it $867 million. It raised its 2026 capital spending target to $24 billion-$25.5 billion, and its shares fell as much as 3.2% in São Paulo.