Three new oilfields in Iran were put in production mode this weekend at an official ceremony, adding more than 220,000 bpd to the country’s total output. The fields are Yadavaran, North Azadegan, and North Yaran—three of the five fields that Iran shares with Iraq. The launch of North Yaran was reported last week, with initial production seen at 30,000 bpd. North Azadegan will yield 75,000 bpd, and Yadavaran should produce 115,000 bpd. At the ceremony, President Hassan Rouhani was quoted as saying that “Oil production west of Karoun must reach one million barrels per day. This is a realistic goal, and we need investment and technology.” The latest production figures for October for Iran are 4 million bpd, with exports at 2.4 million bpd. The country, which insisted—and succeeded—that it be exempted from an OPEC-wide production cut, has made no secret of its intentions to ramp […]