November 5, 2018, US oil sanctions on Iran will officially start. There has already been a 1.1 million barrel per day drop in Iranian oil shipments.
Production hasn’t fallen as much as some output is going into storage. About 1.76 million barrels a day were exported in October.
Eight countries permitted to keep buying Iranian oil. The US is giving waivers for limited purchases.
Iran is confident sales will hold above 1 million barrels a day.
The OPEC countries has pumped 33.31 million barrels per day in October. This was up 390,000 bpd from September in spite of the drop in Iranian production.
Venezuelan oil production is down to 1 million barrels per day
Venezuela does not US sanctions. Venezuela has a collapsing economy.
Venezuela was producing 2.1-2.2 million barrels per day in the first nine months of 2017.
Production has been in free fall. January 2017 production was at about 1.7 million barrels per day.
August oil production was around 1.3 million barrels per day.
September production was just under 1.2 million barrels per day. This was down 42,000 barrels per day from August.