The US government forecasts new sanctions on Iran will cut Iran’s oil exports by 700,000 to 1 million barrels a day. Iran exported an average of about 2.1 million barrels of oil per day over the last year.
Iran has begun to feel the squeeze as it looks to retain buyers in Asia. The National Iranian Oil Co. reduced official prices for September sales to Asia. Iranian light crude will be sold at the cheapest price in 14 years against a similar product from Saudi Arabia.
The June OPEC report suggested that Venezuela oil output was just 1.34 mb/d. Venezuela might only have produced 1.25 million barrels per day.
Venezuela oil industry is so weak that the US not adding oil sanctions to them. The US does not want to own the eventual collapse of Venezuela.