Iran will delay its plan to increase oil shipments even as prices decline, said Amir Hossein Zamaninia, the nation’s deputy oil minister for international and commerce affairs. Photo: WikiCommons.

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009. They lost almost 11 percent last week, the biggest drop in a year. There’s “absolutely no chance” Iran will delay its plan to increase shipments even as prices decline, said Amir Hossein Zamaninia, the nation’s deputy oil minister for international and commerce affairs. Speculators in the US have raised bearish bets to an all-time high.

Read full story at Bloomberg.