Jan 6, 2017

Iran is holding a fire sale on oil as OPEC cuts production

Iran has nearly halved the amount of oil it has been forced to hold in tankers at sea, thanks to the end of nuclear sanctions. Now it's capitalizing on the November OPEC deal to cut oil production by 1.2 million barrels a day.

Why this matters: Iran is OPEC's third biggest oil producer, and it got off easy during the OPEC deal so it can rebuild its economy. But if it floods the market with stored oil, it will dampen OPEC's aim to boost prices.

And they're already doing it: Industry sources said Iran had already been offering discounts to buyers, and convincing them to stock up for winter in anticipation of the OPEC cut.

Why Americans should care: U.S. shale gas producers will also benefit from OPEC cuts, as rising oil prices resulting from the cut will make more of their operations profitable.

Go deeper

Al Sharpton says Floyd family will lead march on Washington in August

The family of George Floyd is teaming up with Rev. Al Sharpton to hold a march on Washington on Aug. 28 — the 57th anniversary of the civil rights movement's March on Washington — to call for a federal policing equality act, Sharpton announced during a eulogy at Floyd's memorial service in Minneapolis Thursday.

Why it matters: The news comes amid growing momentum for calls to address systemic racism in policing and other facets of society, after more than a week of protests and social unrest following the killing of Floyd by a Minneapolis police officer.

2 hours ago - Health

Medical journal retracts study that fueled hydroxychloroquine concerns

Photo: George Frey/AFP via Getty Images

The Lancet medical journal retracted a study on Thursday that found that coronavirus patients who took hydroxychloroquine had a higher mortality rate and increased heart problem than those who did nothing, stating that the authors were "unable to complete an independent audit of the data underpinning their analysis."

Why it matters: The results of the study, which claimed to have analyzed data from nearly 96,000 patients on six continents, led several governments to ban the use of the anti-malarial drug for coronavirus patients due to safety concerns.

George Floyd updates

Text reading "Demilitarize the police" is projected on an army vehicle during a protest over the death of George Floyd in Washington, D.C.. early on Thursday. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

All four former Minneapolis police officers have been charged for George Floyd’s death and are in custody, including Thomas Lane, J. Alexander Kueng and Tou Thao, who were charged with aiding and abetting second-degree murder and aiding and abetting second-degree manslaughter.

The latest: A judge Thursday set bail at $750,000 for each of three ex-officers, AP reports.