Following an announcement regarding an increase in oil production, Iran’s oil minister said there are no guarantees an OPEC production ceiling will be enforced. Iran is the only party not obligated to a production cut under a late November decision from the Organization of Petroleum Exporting Countries. Under the terms of the deal, Iran can produce around 3.8 million barrels per day. Iran lobbied that it needed freedom to regain a market share lost to international economic sanctions imposed in response to its controversial nuclear program. A multilateral agreement last year eased sanctions on Iran after it agreed to scale back the program. By his account, Iranian Oil Minister Bijan Zangeneh said that, in terms of the OPEC agreement, most deals have fallen short of design. “Though there is no guarantee that OPEC decisions will be enforced,” he was quoted as saying by the […]