Iran , which faces sanctions on crude exports, sees no need for OPEC to hold an emergency meeting, a sign that markets may need to wait a month before the world’s biggest producer group responds to falling prices. Oil Minister Bijan Namdar Zanganeh has consulted with Iranian President Hassan Rouhani about political and economic reasons for the collapse in prices, the ministry’s news website Shana reported today. No emergency meeting of the Organization of Petroleum Exporting Countries is necessary to discuss the price slide, Shana said. Rouhani told Zanganeh to use the “oil diplomacy tool” to try to prevent a further decrease, the state-run Mehr news agency said yesterday, without elaborating. “They have their wings clipped a bit at the moment because they can’t really produce any more than they do,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said in an interview in Dubai today. “It’s […]