Iran, whose energy trade is pressed by US sanctions, is ready to pump more oil as the world needs the crude to balance supply and demand and calm prices before travel seasons in the US and Europe, the oil minister Javad Owji said, according to economic daily Donyay-e Eqtesad on July 2. Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output. “There are some worries about oil supply shortage in the coming months,” he said, despite some concerns about economic slowdown and possible curbs to demand because of geopolitical tensions. Iran’s oil production was 3.8 million b/d before the Trump administration imposed sanctions in 2018. The OPEC member recently said its oil production capacity has topped that figure. In May, according to the Platts survey by S&P Global Commodity Insights, output was 2.58 million b/d, holding at the highest level […]