Iran Oil Minister Bijan Namdar Zangeneh pushed OPEC to cut targets. ENLARGE Iran Oil Minister Bijan Namdar Zangeneh pushed OPEC to cut targets. Associated Press In a Middle East torn apart by the struggle between the Saudi-led Sunni conservative bloc and a rival alliance led by its Shiite nemesis Iran, the sudden rout in oil prices has just added a new ingredient to the volatile mix. The decline that followed Thursday’s decision by the Organization of the Petroleum Exporting Countries cartel not to cut production hit all of the Middle East’s oil powers. While merely a nuisance for some, for others it is a harbinger of possible economic catastrophe. Saudi Arabia and its fellow Gulf monarchies—Kuwait, the United Arab Emirates and Qatar—sit on giant rainy-day funds and can comfortably weather a few years of cheap oil, provided that prices stabilize not too far from current levels. Saudi strategic allies […]