WorldOil IEA says Iran, Venezuela oil output could slump by almost 30% Iran and Venezuela could lose almost 30% of their oil output next year due to U.S. sanctions and economic upheaval, requiring extra supplies from OPEC's Gulf members. Venezuela is said to urge OPEC to unite against U.S. sanctions Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter. Oil slides as U.S. is said to ask OPEC for supply increase London (Bloomberg) -- Crude declined after the U.S. government was said to have asked Saudi Arabia and other OPEC producers to raise oil supply. Crude rises as Venezuela sanctions stoke crude supply risk concern Crude extended its three-year high as a new wave of U.S. sanctions on Venezuela stoked concerns over its crude production and as analysts forecast further declines in American stockpiles. Oil pares gain as IEA discusses ways to tackle Venezuela risks Oil traded near $71/bbl, paring earlier gains, as the International Energy Agency said it’s in talks with producing nations to step in should sanctions be imposed on Venezuela, resulting in a supply shortfall. PDVSA learns that Conoco pain may be worse than U.S. sanctions ConocoPhillips may finish what U.S. sanctions started. Regional Report: Latin America Is Latin America’s fragile market cracking under pressure? Despite the rise in crude prices, many Latin American countries are still grappling with considerable debt and declining production rates. Iran sanctions add to Venezuela collapse, jolting oil market While the world ponders the fate of Iran’s exports, the oil market is exposed more than ever to the effects of Venezuela’s spectacular production collapse. Oil faces a month of mayhem as geopolitical risks proliferate Plunging Venezuelan crude production; sanctions disrupting Iranian oil exports; Saudi Arabia pushing for even higher prices; North Korea peace talks -- the coming weeks bring an abundance of risks for the oil market. Man who ran Venezuelan oil giant for decade predicts fast demise Rafael Ramirez, the once all-powerful Venezuelan oil czar, says the state producer he ran for almost 10 years is on the brink of collapse.