"Iran Set to Pump More Oil Into Market Glut"

"HOUSTON — With international sanctions lifted, the Iranian government called on its oil industry Monday to open the taps on production, a move that could add to a global glut of crude that has sent prices into a tailspin.

Benchmark prices edged further below $30 a barrel as traders considered the prospect of new oil flowing into a global market already oversupplied by one million barrels a day, roughly enough to fuel the needs of every driver in a state the size of Pennsylvania or Ohio.

Iranian news organizations quoted Rokneddin Javadi, the deputy oil minister, as saying Iran was ready to add 500,000 barrels a day to its output. But some oil analysts doubt the Iranians can deliver all the production they promise."

Clifford Krauss and Stanley Reed reports for the New York Times January 18, 2016.