A unit of South Pars Gas field in Asalouyeh Seaport, Iran. The Islamic Republic lifted… Iran’s oil production has risen faster than expected, reaching levels not seen since before Western sanctions were tightened in 2011, but a global oversupply of crude is still shrinking, the International Energy Agency said Thursday. Iran increased daily oil output by 300,000 barrels in April to 3.56 million barrels a day, a level last achieved before sanctions were tightened, the IEA said in its closely watched monthly oil-market report. Exports reached 2 million barrels a day, a dramatic increase from the 1.4 million barrels seen a month earlier, but the rise may have been due to loadings that spilled over from March , the Paris-based agency said. Despite the stronger return of Iran’s oil, global oil markets are moving close to balance in the second half of the year as lower prices take their […]