International oil companies will rush back to Iran after the removal of sanctions, helping the OPEC member double production by the end of the decade, according to former Eni SpA Chief Executive Officer Paolo Scaroni. The country can restore production to 1970s levels of 6 million barrels a day by 2020 as its “plentiful” and inexpensive reserves draw in foreign oil explorers despite the risk of sanctions being restored, Scaroni said. The flood of Iranian oil into a global market that’s already oversupplied will keep crude prices low for the rest of the decade, he said. “Iran is one of three or four countries which are part of the ‘El Dorado’ of oil in the world,” Scaroni, now deputy chairman of NM Rothschild & Sons Ltd., said by phone from London Wednesday. “In a world of oil prices that are low and will become probably even lower, it is […]