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Oil rose from the lowest close in more than 12 years in New York as volatility climbed amid speculation that prices have fallen too fast.

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.

Brent crude fell below $40 a barrel for the first time in almost seven years after OPEC effectively abandoned limits on crude output, prompting speculation that a record global glut will continue.

The average price of crude sold by OPEC fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share.

Global oil markets will remain oversupplied next year as demand growth slows and Iranian exports are poised to recover with the lifting of sanctions, the International Energy Agency said.

If crude’s slump back to a six-year low looks bad, it’s even worse when you reflect that summer is supposed to be peak season for oil.

The global oil glut will last through 2016 as the strongest demand growth in five years and faltering supply fail to clear the surplus, according to the International Energy Agency.

Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency.

Oil declined in New York on April 30 after its biggest monthly advance since May 2009.

Oil declined from a one-week high in London and New York as Iraqi production advanced to a record, compounding a global supply surplus.