Iran expects further rise in OPEC production

Oil prices are still under pressure, and it now seems only a matter of time before Brent slips below the 6½-month low of a good $48 per barrel that it recorded a week ago and WTI falls below the 6½-year low of $41.35 per barrel that it reached at the end of last week. 

Iran made for an even more bearish market yesterday when its OPEC representative indicated that OPEC's oil production could rise to a record 33 million barrels per day when the international sanctions against his country are lifted. Evidently Iran itself does not expect the other OPEC countries to make space for its additional supply, meaning that overall OPEC supply will increase by 1 million barrels per day, says Commerzbank.