Special to WorldTribune.com
The price of oil dropped below $35 per barrel on Dec. 14, closing in on the low mark of the 2009 recession.
The price of crude sunk to $34.68 per barrel at its low point on Dec. 14, before ending just above the $35 level. Oil closed at $33.94 in February 2009.
As oversupply continues to drive prices down, Iran is set to pump even more crude into the market. Teheran is expected to add about two million barrels per day into the market once international sanctions are lifted some time in 2016.
Iran’s deputy oil minister said there is “absolutely no chance” the country will hold off on production to keep prices up as it re-enters the market.
“The price can drop as low as possible as we are prepared for the worst scenario,” Hossein Zamaninia said.
Oil sinks below $35 as Iran prepares to increase production added by World Tribune on
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