The rise of moderates in Iran’s elections has increased the odds of the nation joining an oil-producer coalition to freeze output and bolster global crude prices, the Institute for International Finance said. President Hassan Rouhani’s reformist allies, who made significant gains in the parliament and a top clerical body last month, will advocate a compromise with Russia and some members of the Organization of Petroleum Exporting Countries, the Washington-based group said in a report. Such a move would lift Brent crude to $50 a barrel by the year’s end, according to IIF. It has sold for an average $40.88 in the past six months. “The revenue from oil for Iran would be much higher even if they agree on freezing production at the current level rather than having no agreement which would keep oil prices low,” said Garbis Iradian, chief economist for Africa and Middle East at IIF. Moderates […]