Iran’s resumption of oil and gas exports, once sanctions are lifted under the recently negotiated nuclear limits agreement, probably won’t flood global markets initially, the chief executive officer of Crescent Petroleum forecasts. Majid Jafar said Iran Petroleum Minister Bijan Zangeneh has said he wants to increase the country’s crude oil production to more than 4 million b/d in the near future, and plans to unveil National Iranian Oil Co.’s new petroleum contract in late August. “I think Iran can achieve this, but it won’t be easy—and it won’t have as big an impact as it might have had in the 1990s when there weren’t so many other options,” Jafar said during a July 22 address at the Atlantic Council. NIOC reportedly is trying to reform its contract terms to attract new outside investment, but faces considerable challenges similar to other countries in the region that have state-owned oil companies, […]