Global oil production trouble - it's not just Iran

@CNNMoneyInvest April 5, 2012: 10:38 AM ET
It's not just Iran driving up oil prices. From South Sudan to Canada, over a million barrels of oil a day are not available to world markets.

It's not just Iran driving up oil prices. From South Sudan to Canada, over a million barrels of oil a day are not available to world markets.

NEW YORK (CNNMoney) -- All the attention may be on a loss of oil from Iran these days, but production outages in a variety of spots worldwide is causing about one million barrels of oil a day to sit on the sidelines, helping push oil and gas prices to near record highs.

In places like South Sudan, Yemen and Syria the oil is offline due to violence. In Canada and the North Sea it's due to technical problems.

No one outage is particularly large. But taken together, they rival the amount of oil that could be lost from Iran over the next few months as sanctions take hold.

"There are always disruptions, but when the market is this tight, they have an impact," said Daniel Yergin, IHS CERA Chairman and author of "The Quest: Energy, Security, and the Remaking of the Modern World." "It would be better for the economy if these barrels were there."

Although a variety of estimates exist, this list was compiled by CNNMoney using data from the International Energy Agency and the U.S. Energy Information Administration:

South Sudan: Roughly 350,000 barrels of oil are offline due to a flare-up in violence in the African country.

Production stopped in late January after the government in Sudan confiscated oil from a pipeline that runs through its territory, claiming South Sudan has not paid adequate fees for it.

South Sudan also claimed Sudan recently bombed some of its oil fields.

South Sudan became independent from Sudan in 2011 after years of civil war over territory rich with oil and water.

Christians in the southern part of the country have claimed for years they were mistreated by Muslims in the north.

Libya: Oil production in the war-torn country has rebounded faster than expected.

During the hostilities, all of the nation's 1.6 million barrels of daily production was halted.

Libyan production has since resumed to 1.3 million barrels a day, although 300,000 barrels a day remain shut-in.

Syria: About 230,000 barrels are offline in Syria thanks to the fighting in the country.

Although a tentative peace plan has been crafted, few expect the regime of President Bashar al-Assad to abide by it. The outlook for the country is for more violence as ethnic factions that have been repressed for years rebel against the ruling party.

Yemen: Nearly 140,000 barrels of oil are unavailable from Yemen as the Arabian country battles militants in its south-west region bordering the Red Sea and the Gulf of Aden.

The extremists belong to Ansaar al-Sharia, an Islamic militant network with close links to al Qaeda. The group is trying to establish an Islamic state in the southern part of the country.

Earlier this week they ambushed a military outpost, killing 23 soldiers and making off with three tanks and pieces of heavy artillery. In the past they have disrupted the flow of oil through pipelines in the country.

The North Sea: Over 100,000 barrels a day are offline due to maintenance, pipeline problems and weather in the notoriously harsh region.

Canada: Up to 50,000 barrels a day have been lost in Canada as a result of various equipment problems with machines that turn the oil sands into usable forms of crude oil.

"It's not just Iran," Paul Horsnell, head of commodities research at Barclays Capital, said at a Senate hearing on gas prices last week. "Over 1 million barrels a day in non-OPEC production is out unexpectedly. That is a significant feature of the current market."

-- With reporting from CNN's Nima Elbagir in London  To top of page

Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
View rates in your area
Find personalized rates:

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.