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Fri Apr 6, 2012, 09:33 AM

Global oil production trouble - it's not just Iran


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."

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