The IEA report comes ahead of a meeting in Vienna next week where energy ministers from OPEC and Russia will debate whether to increase production or not. (Source: Shutterstock.com)
Venezuela’s oil production collapse and the loss of Iranian barrels after the reimposition of U.S. sanctions could take 1.5 million barrels off the market by the end of 2019 from these countries alone.
The “scenario” from the International Energy Agency (IEA), in its latest monthly oil market report, assumes a loss from Iran similar to the previous round of sanctions on the OPEC country.
For Venezuela, the IEA sees “no respite” in the drastic drop in production that has worsened over the past two years as the country’s political and economic upheavals spill over into the energy sector.