According to a provision of the recent OPEC production deal , the Islamic Republic of Iran is mandated to keep production below a threshold of 3.797 million bpd. Yet this figure is below the regime’s desired long-term goal of 4 million bpd, the level Iran once produced at before sanctions were imposed in 2012. That goal now looks within reach, as Oil Minister Bijan Zanganeh told the press after an Iranian cabinet meeting that crude production had reached 3.9 million bpd . The increase came as Iran restores links with energy markets in Asia and Europe, and is the culmination of a year-long effort to boost production since sanctions on the country’s energy industry ended last January. Does this mean Iran plans to break the rules of the OPEC cut and push to 4 million bpd all year long? It’s possible that the country’s bullish oil administration, led by […]