EIA: Market Tightens As Outages From Iran, Venezuela Pile Up

Iran’s crude oil production fell by more than 400,000 per day from May 2018 to September, reaching an average of just 3.4 million barrels per day last month, according to the Energy Information Administration’s Short Term Energy Outlook published on Wednesday. The EIA’s report, delayed one day due to the Columbus Day holiday, pegs OPEC’s crude oil supply at 32.46 million barrels per day on average in 2018—down from 32.68 bpd in 2017. For all of 2019, the EIA forecast a dip in OPEC supplies to 32.14 bpd on average.…

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