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

Sanders requests recount of Iowa recanvass after results show shrunken margin

Photo: Joe Raedle/Getty Images.

Sen. Bernie Sanders said in a statement Tuesday night he will request a recount of the Iowa Democratic Party's recanvass results.

Where it stands: Both Buttigieg and Sanders requested partial recanvasses in Iowa last week after results were delayed and showed several errors following a software malfunction on caucus night.

Axios Dashboard

Keep up with breaking news throughout the day — sign up for our alerts.

Energy deputy secretary nominee faces heat after contradicting Trump

Mark Menezes speaks at a forum in Addis Ababa, Ethiopia, June 12. Photo: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Trump administration officials are internally raising concerns about President Trump’s nominee for Energy deputy secretary, who appeared to openly contradict the president on nuclear waste storage at Nevada’s Yucca Mountain last week.

Driving the news: While speaking at a House Energy and Commerce subcommittee hearing last Wednesday, Mark Menezes told members of the panel that the Trump administration is still interested in storing nuclear waste at Yucca Mountain and that “what we're trying to do is to put together a process that will give us a path to permanent storage at Yucca."