OPEC's Oil Is Coming Back. Iran's Isn't. Why That Split Matters for Your Gas Tank.

OPEC output climbed to about 88% of prewar levels in October, led by Saudi Arabia, even as the U.S. blockade pushed Iran's production to three-decade lows. Meanwhile, U.S. Gulf Coast refiners and Louisiana LNG are quietly winning the Hormuz crisis.

By Clara Hughes

The headlines from the Gulf are about burning tankers and naval mines. The production numbers tell a different story: most of the oil is coming back — just not Iran's. OPEC's crude output rose by 930,000 barrels a day in October to 22.8 million barrels a day, about 88% of prewar February volumes, according to a Bloomberg survey reported by Rigzone on Nov. 7. Saudi Arabia led the recovery by increasing shipments through the Strait of Hormuz and the Red Sea, while gains in Iraq and Kuwait offset declines in Nigeria and Iran. Iran's slide is the striking part. The U.S. naval blockade squeezed Iran's output by 120,000 barrels a day to 1.9