It's advantage Iran in oil price battle with Saudi Arabia

London

SUDDENLY the tables have been turned on Saudi Arabia.

The biggest oil exporter has swapped its traditional role as price dove with regional foe Iran, for years Opec price hawk. The government in Riyadh is now offering a deal - including its first output cut in eight years - to boost prices; Tehran is dragging its feet. At the centre of the reversal is their contrasting thresholds for enduring economic pain.

"Both countries are comin…