Iran has a new oil minister – Bijan Namdar-Zanganeh – and he has an ambitious plan to bring oil output back to 2005 levels of 4.2 million barrels per day, up from 2.56 MM bbl/d now. If he can actually make it happen – a big “if” – additional supply on the market could impact prices. “We only ask those who have replaced us in the world’s oil markets to know that when we are reentering these markets they will have to accept that oil prices decline or they should reduce their production to create enough space for Iran’s oil.” [Bloomberg]

Oil prices may be set to fall with or without Iranian additions, as the US continues to pump more crude. “The global benchmark price of crude oil will fall through the end of 2013, as the United States continues to pump more oil and cut its need for imports, the federal Energy Information Administration forecast in a report this week.” [Fuel Fix]

And in news that is kind of the definition of not news…Iran and India haven’t made any progress in their dispute over an Indian oil tanker that was detained by Iranian authorities over a week ago. The whole thing seems kind of short-sighted on Iran’s part. “India is one of the few destination countries for Iran’s oil as New Delhi and Tehran have worked out a system to skirt Western sanctions whereby India places rupee-denominated payments in an Indian bank to pay for oil. Funds are debited from the account when Iran purchases Indian goods that may include grains, drugs, consumer products and auto parts.” [Wall Street Journal]