When Saudi Arabia initiated the latest OPEC discussion about an oil production cut, Iran insisted that it would only consider joining market rebalancing efforts when it reached a daily output target of 4 million barrels. Now, it is close to hitting the mark, pumping 3.9 million barrels of crude daily, according to a senior official from the state-owned National Iranian Oil Company. After it made sure it was granted an exemption from the OPEC cut agreement, Tehran has not wasted any time marching onwards to revive its energy industry. At the start of the year, NIOC issued a list of 29 foreign companies that were picked to explore and exploit its oil and gas reserves. The list was notably dominated by Asian E&Ps, including four Chinese companies and five Japanese ones. The domination of Chinese and Japanese companies on the list is understandable, as is the reluctance of U.S. […]