U.S. sanctions on Iran and other supply-side pressures could erase nearly 1 million barrels of production per day this year and next, a report published Thursday found.

The Westwood Global Energy Group reported that geopolitical issues are creating artificial bottlenecks for global oil production.

"Despite OPEC's best efforts to stabilize oil prices, U.S. sanctions and other political issues will see nearly 1 million barrels per day of production losses across Venezuela, Iran and others in both 2018 and 2019," the report read.

U.S. sanctions on Iran in November could sideline the third-largest producer in the Organization of Petroleum Exporting Countries. For Venezuela, a founding member of OPEC, corruption and political woes have led to steady production losses.

Westwood said those losses, however, could be made up for elsewhere. U.S. shale oil production is making the country a world leader in output. The report estimates that, until 2024, the United States will account for 40 percent of the world's total in development wells drilled.

"U.S. drilling activity increased sharply in the first half of the year, leading to record oil production in June 2018," the report read. "However, pipeline capacity bottlenecks in the Permian basin are expected to limit growth for the remainder of 2018 and 2019, causing operators to exploit other U.S. basins."

Tariffs on imported steel pipe, made by only a handful of foreign suppliers, could create additional headwinds for U.S. shale developers.

For OPEC members, the report found Iraq, Saudi Arabia and Kuwait could add nearly 2 million barrels of oil per day to the market next year, following expected growth of around 900,000 bpd in the second half of 2018.

Elsewhere, emerging basins like offshore Guyana could lead to significant gains in global oil production by the start of the next decade. Brazil, however, will continue to dominate with about 35 percent of the global oil production from deep waters to 2024.

Nevertheless, Westwood reported that geopolitical issues like Venezuelan crises and U.S. sanctions "have, and will" destabilize the market.

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