Iran’s expected return to full oil production after several years of U.S.-led sanctions over its nuclear program will sharpen its feud with its longtime rival, Saudi Arabia, which will have to cope with Iraq’s mounting output as well, while the United States moves toward self-sufficiency. If the landmark interim agreement reached in Geneva Nov. 24 expands into a more lasting deal, Iran can be expected to go all-out to restore its lost market share, sharpening the friction with Saudi Arabia at a time when the Middle East is on a knife-edge over a potential region-wide conflict between the two branches of Islam these states represent. Iran’s full return to the market could take as long as two years, as production is restored and foreign investment sought to upgrade Iran’s antiquated oil industry to counter the declining output from mature fields that […]