Iran targets new fields, foreign contracts for output growth Exports may be the best measure of Iran’s oil-supply recovery Oil analysts are dusting off their favorite output statistics to figure out how much more crude Iran must pump before it hits pre-sanctions production levels, potentially triggering its participation in a Saudi Arabia and Russia-led supply-freeze plan. The whole premise may be misguided to begin with: the Persian Gulf country will probably go far higher. Iran is continuing to add new production from fields along its border with Iraq. It aims to add 250,000 barrels a day of a new heavy export grade, which it will call West Karoun, by the end of 2016 and to raise output to 700,000 barrels a day within three years. Longer-term output expansion will come from new contracts with foreign oil companies. Iran hopes to receive the first bids as early as October and […]