Oil prices hit fresh multi-year lows Friday in the US amid fears of what effect Iran flooding the market with crude will have on the commodity, CNBC reported.

Iran is on track to ship 1.10 million barrels a day in January, a 20 per-cent rise on December.

The price of both Brent and WTI dipped below 30 dollars a barrel Friday as the market braced itself for the additional supply.

Brent is currently around 54 percent lower than its 2015 high while WTI is off around 48 percent from its peak last year.

And at least one analyst believes the falling price isn't about to be checked by oil producers' cartel, OPEC.