Iran has primed the pump
Sanctions are set to expire in early January and Iran plans to immediately increase production. The weekend comment came from deputy oil minister Amir Hossein Zamaninia.
WTI crude is down 23-cents, or 0.65%, to $35.40.
Zamaninia said Iran has already secured customers for its increased supply.
"Our general assumption is on a market with low prices, so the price can drop as low as possible as we are prepared for the worst scenario," Zamaninia said.
