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OPEC Members Iran And Venezuela Could Lose Almost 30 Percent Of Their Oil Output Due To U.S. Sanctions And Economic Upheaval

OPEC Members Iran And Venezuela Could Lose Almost 30 Percent Of Their Oil Output Due To U.S. Sanctions And Economic Upheaval

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The International Energy Agency said that OPEC members Iran and Venezuela could lose almost 30 percent of their oil output next year due to U.S. sanctions and economic upheaval, in its first detailed forecast for 2019. The report this morning will increase pressure on a meeting of OPEC and its allies next week to permit increases in output. The recent rally in crude prices helped by production cuts saw the end of the oil market’s contango structure. That shift has hit trading houses hard, with Trafigura Group reporting a 53 percent drop in first-half profits.(blmg)

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