An increase in Iranian crude oil production of around 600,000 barrels per day is likely in the latter half of next year, a U.S. federal report found. Government officials and representatives from some of the world’s largest oil companies have discussed potential opportunities with Iran, which is expecting sanctions relief as a result of a breakthrough nuclear agreement reached with the five permanent members of the U.N. Security Council, plus Germany. Iran in December produced just under 2.8 million barrels per day, down about 20 percent from 2011 levels. The country reported oil production for July at 3.13 million bpd, an increase of six tenths of a percent from the previous month. Accounting from the Organization of Petroleum Exporting Countries, of which Iran is a member, finds Iranian oil production of 2.86 million bpd in July was a 1.1 percent increase from the previous […]