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Global markets: Iran likely to resist proposed crude cap

By Commodity News Service Canada

WINNIPEG, February 17 – The following is a glance at the news moving markets globally.

IRAN OPPOSES FREEZING OIL PRODUCTION
Iran’s oil minister has said the country will resist the proposed ceiling to crude oil production, according to reports on Wednesday.

Iran’s oil minister has been speaking with officials from Iraq, Qatar and Venezuela in Tehran.

OPEC-member Saudi Arabia and non-OPEC Russia have agreed to freeze production at January’s levels, if other countries get on board.

CANADA’S INVESTMENT IN FOREIGN SECURITIES STAYS STRONG
Canadian investors acquired C$17.4 billion of foreign securities in December, a second consecutive month of strong investment abroad. Meanwhile, foreign investors reduced their holdings of Canadian securities by C$1.4 billion, led by federal government debt securities.

In the fourth quarter, Canada’s international transactions in securities posted a net outflow of funds from the economy of C$16.5 billion. In contrast, portfolio investment generated a net inflow of funds to the Canadian economy of C$35.2 billion for 2015 as a whole, led by significant foreign investments in Canadian securities in the first half of the year.

INDIA HALTS POTASH IMPORTS
India will be halting potash imports for the time being, as dryness in the country hurts crop production.

The country has also delayed negotiations for next year’s purchases until June.

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