Asian imports of Iranian crude rose to the highest level this year in May, although buyers may have to curb any further increases if negotiators up against a deadline fail to reach a final deal on Tehran’s disputed nuclear program. A deal between Iran and six world powers would resolve a 12-year standoff over the Islamic nation’s nuclear work in exchange for relief from sanctions, which could eventually send millions of barrels flooding into an already saturated market. Iran has as much as 40 million barrels of oil stored in tankers and aims to increase output by 500,000 barrels per day (bpd) within a month of sanctions being lifted and up to 1 million bpd within six or seven months. Iran, the United States, Britain, France, Germany, Russia and China reached a tentative framework for a nuclear pact on April 2 but several issues remain unresolved. They have […]