OPEC members, Iran and Venezuela, may lose almost 30% of their output next year due to US sanctions and economic difficulties, Bloomberg reports with reference to International Energy Agency (IEA). This will require additional deliveries from other members of the organization.

In its first detailed forecast for 2019 IEA points out that increase in US output shall cover for growing demand. However, such countries as Saudi Arabia might need additional production volumes to compensate for disruption in supply within OPEC.

Issue of increasing output will be the key topic for discussion during OPEC meeting that will take place next week.

According to IEA estimates, Iran output might fall by 900000 barrels a day next year or 23%. Venezuela, where output fell to the lowest in decade since economic crisis hit oil infrastructure, might lose additional 550000 barrels a day or 40%.