The Organization of Petroleum Exporting Countries will have to review production levels to make room for Iran or face consequences, Iran’s Oil Ministry said. An opinion piece published by SHANA, the Oil Ministry’s official news website, said crude oil markets are skewed toward the supply side by 2 million barrels. Once all sanctions pressures ease, Iran could add another 1 million barrels of oil per day to the global marketplace almost immediately, it said. Iranian Oil Minister Bijan Zangeneh said his country could become the second-largest producer in the Organization of Petroleum Exporting Countries, after Saudi Arabia, within seven or eight months of sanctions relief. The minister said Iran will increase net oil production by more than 1.5 million bpd, bringing […]