Crude oil production capacity in Iran and Venezuela will fall by a combined 1.76 million b/d if US sanctions on these countries remain in place, the International Energy Agency said in a report Monday. IEA forecasts Venezuelan crude production capacity to fall from 1.31 million b/d in 2018 to 750,000 b/d in 2019, a loss of 560,000 b/d in a year. Iranian crude production capacity will fall from 3.85 million b/d in 2018 to 2.65 million b/d this year, a loss of 1.2 million b/d if US sanctions remain in place, IEA said. “OPEC’s effective capacity this year could plunge by more than 1.5 million b/d as the US embargo hits Iran hard and Venezuela, in the midst of a political crisis, sees production decline further,” IEA said in the report released at the start […]