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Friday, 6 January 2017

Exclusive: Iran capitalizes on OPEC oil cut to sell millions of barrels - sources | Reuters

Exclusive: Iran capitalizes on OPEC oil cut to sell millions of barrels - sources | Reuters:
"Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data.

In the past three months, Tehran has sold almost half the oil it had held in floating storage, which had tied up many of its tankers as it struggled to offload stocks in an oversupplied global market.

The amount of Iranian oil held at sea has dropped to 16.4 million barrels, from 29.6 million barrels at the beginning of October, according to Thomson Reuters Oil Flows data. Before that sharp drop, the level had barely changed in 2016; it was 29.7 million barrels at the start of last year, the data showed."

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Top U.S. senator: Trump administration won't toss Iran deal | Reuters

Top U.S. senator: Trump administration won't toss Iran deal | Reuters:
"The chair of the U.S. Senate Foreign Relations Committee said that abrupt rejection of the Iran nuclear deal by the incoming Trump administration could create "a crisis" and that he did not expect such an approach.

"To tear it up on the front end, in my opinion, is not going to happen. Instead, we will begin to radically enforce it," Senator Bob Corker told reporters on Friday at a breakfast sponsored by the Christian Science Monitor.

He said he expected strong enforcement of the international agreement, announced in July 2015, in which Iran agreed to curtail its nuclear program in exchange for relief from crippling economic sanctions."

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Oil edges up; strong dollar, OPEC doubts make buyers cautious | Reuters

Oil edges up; strong dollar, OPEC doubts make buyers cautious | Reuters:
"Oil rose slightly on Friday as investors bought futures ahead of the weekend, but a strong U.S. dollar limited gains, as did lingering doubts about whether all OPEC producers would cut output in line with an agreement.

Trading was choppy, and market players cited end-of-week position-squaring and relatively low volumes during the first trading week of the year.

Brent crude futures LCOc1 were trading 15 cents higher at $57.04 per barrel at 1:15 p.m. EST (1815 GMT), after moving in a $56.28-to-$57.47 range.

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Kuwait cuts January oil output to agreed OPEC target: official | Reuters

Kuwait cuts January oil output to agreed OPEC target: official | Reuters:
"Gulf OPEC member Kuwait has reduced oil production in January to around 2.707 million barrels per day, meeting its output target under an OPEC supply cut agreement, a Kuwaiti oil official said on Friday.

It joins Saudi Arabia, the world's top oil exporter and biggest OPEC producer, which also cut production this month by at least 486,000 bpd to its 10.058 million bpd target, according to a Gulf source familiar with Saudi oil policy, meaning it fully implemented OPEC's agreement to reduce output.

The Organization of the Petroleum Exporting Countries in November agreed to implement output reductions this year as part of a global pact to limit supplies to support prices.

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Oil prices dip on lingering doubts of supply cut commitments | Reuters

Oil prices dip on lingering doubts of supply cut commitments | Reuters:
"Oil prices dipped on Friday over lingering doubts that some producers might not implement announced production cuts in an attempt to curb global oversupply.

Brent crude futures, the benchmark for international oil prices, were trading at $56.76 per barrel at 0756 GMT, down 13 cents from their close the previous day.

In the United States, West Texas Intermediate (WTI) crude futures were at $53.65 a barrel, 11 cents below their last settlement.

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