NEW YORK, Jan. 15 (Xinhua) -- Oil prices on Friday plummeted to below 30 U.S. dollars a barrel as the expected increase in Iranian crude exports added to oversupply concerns.

　　Global oil prices are hovering near 12-year lows as the market braces for a surge of Iranian oil exports once international sanctions are lifted, possibly within days.

　　The Organization of the Petroleum Exporting Countries (OPEC) decided on against cutting output last December. The cartel's output is accounted for around 40 percent of the global crude output.

　　Iran, a member of OPEC, said it is looking to add about 500,000 barrels within weeks of the sanction relief.

　　Thanks to the U.S. shale oil revolution, American oil production has almost doubled in the past six years. There is no sign that U.S. shale oil producers started to cut production in face of the plunging prices.

　　The West Texas Intermediate for February delivery moved down 1.78 dollars to settle at 29.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 2.09 dollars to close at 28.94 dollars a barrel on the London ICE Futures Exchange.

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　　News Analysis: Will global oil glut rebalance itself?

　　BEIJING, Jan. 14 (Xinhua) -- The prices of crude oil are most likely to stay at relatively low levels in the near future as there are no signs of major producers taking actions to ease a severe oil glut yet.

　　Nevertheless, some energy officials and analysts said that they expect the oil glut to gradually rebalance itself into 2016, though the high oil prices seen in the past may not be recovered soon. Full story

　　Russian Prime Minister suggests federal budget cut amid economic downturn

　　MOSCOW, Jan. 15 (Xinhua) -- Russian Prime Minister Dmitry Medvedev on Friday suggested that the country's 2016 budget be slashed and a host of projects be scrapped amid economic downturn.

　　"We will assess what expenses could be cut, and they must now be substantially cut, unfortunately," Medvedev said at a meeting on execution of 2016 federal budget. Full story

　　U.S. stocks plummet on global rout, diving oil

　　NEW YORK, Jan. 15 (Xinhua) -- U.S. stocks slumped amid downbeat data Friday, with the Dow Jones Industrial Index below the psychologically key 16,000 level, as a heavy sell-off in Asian and European markets and a plunge in oil prices rattled nervous investors.

　　The Dow tumbled 390.97 points, or 2.39 percent, to 15,988.08. The S&P 500 slid 41.55 points, or 2.16 percent, to 1,880.29. The Nasdaq Composite Index shed 126.59 points, or 2.74 percent, to 4,488.42. Full story