U.S. sanctions on Iran and other supply-side pressures could erase nearly 1 million barrels of production per day this year and next, a report published Thursday found. The Westwood Global Energy Group reported that geopolitical issues are creating artificial bottlenecks for global oil production. “Despite OPEC’s best efforts to stabilize oil prices, U.S. sanctions and other political issues will see nearly 1 million barrels per day of production losses across Venezuela, Iran and others in both 2018 and 2019,” the report read. U.S. sanctions on Iran in November could sideline the third-largest producer in the Organization of Petroleum Exporting Countries. For Venezuela, a founding member of OPEC, corruption and political woes have led to steady production losses. Westwood said […]