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Cuba, Venezuela and Iran Oil Problems Under US Sanctions


US Crude oil production has been at 12.1 to 12.3 million barrels per day for the last few weeks. This is 2.4 million barrels per day more than Saudi Arabia. US crude oil production has been at abou the level of Saudi Arabia and Iran combined.

Iran posted OPEC's biggest supply drop in April. Iran's production dropped 150,000 bpd. Venezuela, supply fell by 100,000 bpd due to U.S. sanctions and a long-term decline in production.

Iran dropped 154,000 bpd to 2.554 million bpd in April. Iraq dropped 113,000 bpd to 4.63 million bpd. Saudi Arabia had 45,000 bpd less oil in April at 9.742 million bpd.

Venezuela had a slight increase of 28,000 bpd to 768,000 bpd in April. In 2018, Venezuela averaged was 1.34 million bpd.

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