Iran is expected to add half a million barrels of oil supply a day within a year from its existing oilfields after the lifting of sanctions against Tehran in January, but developing new fields would take time, the head of the International Energy Agency said on Wednesday. Iran, previously OPEC’s second-largest exporter, would need to prove that the investment conditions were profitable to the international investors and also that there was predictability in the markets, Fatih Birol, IEA’s executive director told Reuters. Birol’s estimate of Iran’s supply increase from existing oilfields was in line with previous market estimates. And increases in Iranian gas supplies would come after oil, he said. “It was misleading to believe that there would be a huge amount of new Iranian crude and […]