The steep decline in oil prices is a momentary market phenomenon and does little to influence the economy long-term, an Iranian oil director said. Iran this week said the decline in price for its grade of crude oil wasn’t a parallel move to keep pace with Saudi Arabia’s cuts designed to maintain its footprint in the global economy. Rokneddin Javadi, managing director of the National Iranian Oil Co., said Iran wasn’t bothered by an evolving bear market for oil . “I think the oil market slump is momentary and does not affect Iran’s budget for supplies,” he said. The price for the 12 crude oil blends that make up the reference basket from members of the Organization of Petroleum Exporting Countries, of which Iran is a member, was $85.14 for Wednesday, down […]