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IEA Says Iran, Venezuela Oil Output Could Slump by Almost 30%

  • Saudis may need to boost volumes to offset other OPEC losses
  • IEA gives pointed reminder it can deploy emergency stockpiles
Crude Oil Shipments In The Persian Gulf
Photographer: Ali Mohammadi/Bloomberg

OPEC members Iran and Venezuela could lose almost 30 percent of their oil output next year due to U.S. sanctions and economic upheaval, requiring extra supplies from the group’s Gulf members, the International Energy Agency said.

In its first detailed forecast for 2019, the IEA said new oil output from outside OPEC -- in particular U.S. shale -- should be enough to cover growth in demand, but nations such as Saudi Arabia may still need to boost output to compensate for lost supply from other members.