Iran Shuns Image as OPEC Hawk While Seeking Sanctions End - Bloomberg

Iran Shuns Image as OPEC Hawk While Seeking Sanctions End - Bloomberg:



"Iran, eager for an end to sanctions that have restricted its oil exports, is shunning its image as OPEC’s price hawk by avoiding calls for an emergency session of the group to support prices.



Oil Minister Bijan Namdar Zanganeh consulted with Iranian President Hassan Rouhani about political and economic reasons for the price collapse, the ministry’s news website Shana reported yesterday. No emergency meeting of the Organization of Petroleum Exporting Countries is necessary to discuss the 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 Oct. 19, 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 yesterday. “It’s difficult for them to call for any strict action when they know that when sanctions are lifted, they’re the ones that are going to ramp up production.”"



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