Iran’s proposed increase in oil production would enter the market gradually after sanctions end and won’t pressure prices, the Iranian Oil Ministry’s Shana news agency said on Saturday. Iran has the potential to boost its oil production by 500,000 barrels a day within a week of sanctions being lifted, and by 1 million barrels shortly after, Shana said, citing Seyyid Mohsen Ghamsari, the head of international affairs at National Iranian Oil Co. How much of it enters the market will depend on market conditions, Ghamsari said. Brent crude slid 34 percent over the past year as the Organization of Petroleum Exporting Countries increased its output in the face of already rising global stockpiles. Saudi Arabia, the world’s largest crude exporter, has led the group in fighting for market share against higher-cost producers such as shale drillers in the U.S. OPEC set aside its output target of 30 million barrels […]