TEHRAN– There’s “absolutely no chance” Iran will delay its plan to increase oil shipments even as prices decline, said Amir Hossein Zamaninia, the deputy oil minister for international and commerce affairs.

Oil extended declines from the lowest price since February 2009 as Iran pledged to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

“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, Bloomberg reported.

Iran, which expects international sanctions over its nuclear program to be lifted by the first week of January, has already secured customers for its planned supply expansion, Zamaninia said in an interview in Tehran.
The government is also preparing to offer oil and natural gas contracts to investors. The country pumped 2.8 million barrels a day last month.

Oil has slumped to levels last seen during the global financial crisis as the Organization of Petroleum Exporting Countries effectively abandoned production limits to defend market share, fueling a record surplus.