At first glance, the headline figures don’t look so bad. Global supply surpassed 100 million barrels per day (mb/d) in August, a new record high. Production even rose from OPEC, despite turmoil seen in several member countries. But beneath that impressive supply figure, there are plenty of cracks that are all too familiar. The IEA acknowledged that oil prices experienced a dramatic swing since its last report in August, with Brent falling close to $70 before bouncing back up close to $80. The reason for the volatility is the ongoing supply losses from Venezuela, combined with the disruptions in Iran related to U.S. sanctions. Venezuela’s production fell by another 40,000 bpd or so, taking output down to just 1.24 mb/d. The country is on track to end the year at 1 mb/d or lower. Meanwhile, buyers are already cutting their purchases of Iranian oil ahead of the November 4 […]