Annual output seen losing 200,000 b/d, double earlier forecast Oil industry has been hurt by power shortages, economic crisis Venezuelan crude production fell to a 13-year low last month as an economic crisis weighed on the OPEC member’s oil industry, the International Energy Agency said. Output sank to 2.18 million barrels a day, down 240,000 barrels a day from a year earlier and the lowest since February 2003 when an oil workers’ strike trimmed volumes. The drop in production is set to continue, with the IEA forecasting an annual slump of 200,000 barrels a day, double the decline it predicted last month. “While Iran is clearly OPEC’s biggest source of supply growth this year, Venezuela is notching up the largest decline,” the agency said in its monthly report on Wednesday. Iranian production rose to 3.66 million barrels a day in June, maintaining gains seen since the start of the […]