A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

The sanctioning of two OPEC members by the Trump administration has caused some ripples in the oil market, but not the type of shortages or pain for consumers that might have occurred.

One big reason is that U.S. production continues to grow, and for the barrels lost, more are coming on line. U.S. output is now at 12.1 million barrels a day, up more than 1 million from this time last year, and IHS Markit expects it to be 13 million by the end of the year.

That has given the United States more muscle and flexibility when it comes to sanctions.

Saudi Arabia, OPEC and Russia initially agreed last spring to add more oil to the market to make up for limited Iranian output, but even with Iran's exports down by 1.4 million barrels a day, there is no shortage.

The Trump administration surprised the market in the fall by granting some countries waivers to continue with Iranian oil purchases, after threatening that all barrels would be kept from the market. The price of oil then fell sharply after that October announcement, and OPEC and non-OPEC producers have reversed course and are now pulling barrels from the market.

"Trump is yelling at OPEC, but Trump's been the most effective cutter" in barrels on the world market, said Helima Croft, RBC head of global commodities strategy. "He has made sure OPEC's made its quota by sanctioning Iran and Venezuela."

She said 1.6 million barrels a day have been removed from the market, and President Donald Trump could choose to remove even more from Iran's exports when waivers come up for renewal in May.

"Everyone is trying to figure out what's going on with the next round of Iran waivers," Croft said.

India, for instance, is purchasing about 300,000 barrels a day from Iran and is seeking to extend its waiver, according to Reuters.

"Trump was the disruptor in chief in the market. He really was, if you look at where some of the biggest losses were," Croft said.

Both Venezuela and Iran are expected to be big topics of conversation among members of the world oil industry as they gather in Houston this week for IHS Markit's annual CERAWeek conference. Secretary of State Mike Pompeo speaks to the gathering Tuesday.

Elliott Abrams, the State Department Special Representative for Venezuela, said the sanctions on Venezuela are meant to be temporary and force people to change behavior. The U.S. actions are seen as a message aimed at the military leadership, which so far continues to support Venezuela President Nicolas Maduro.

The United States has recognized Juan Guaido, president of the Assembly, who declared himself Venezuela's president six weeks ago.