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Isaac Brekken / AP

OPEC's precarious production cuts

Members of OPEC met Thursday at the Global Energy Forum in Abu Dhabi—the first such meeting of Gulf oil ministers since OPEC agreed to slash production in November in an attempt to stabilize oil prices.

"Moment of drama:" The Iraqi Oil Minister used his keynote slot to denounce the decision to not offer Iraq an exemption from the production cuts, in light of the country's burden fighting ISIS, as noted by Helima Croft of RBC Capital Markets.

OPEC agreements to curb oil output tend to fall apart quickly, and Iraq's fellow members have reason to be skeptical of its commitment to the latest pact.

AT&T chief meets with Trump

Randall Stephenson, the chairman and chief executive of AT&T, went to Trump Tower Thursday to meet with the president elect — who has expressed skepticism of the telecom giant's proposed takeover of Time Warner. An AT&T spokesperson claimed the two didn't discuss the deal whatsoever. That's somewhat hard to believe, given the high stakes for both parties.

Make America gamble again

In the latest sign of a healing U.S. economy, Nevada state regulators said that for the first time since 2008, its gaming industry was profitable again amid a resurgence of tourism to Las Vegas. This jibes with a lot of other economic data that shows rising wages, falling unemployment and increased consumer confidence.

What we're watching

The stock market, which has been in a holding pattern for a month now as investors have realized that a unified Republican government isn't necessarily a guaranteed boost to corporate profits.

With talk of infrastructure spending fading to the background, and tax reform taking a back seat to the healthcare debate, investors are straining to understand the future path of fiscal policy. Expect them to be sensitive to any foreshadowing.

Go deeper

Brazil begins distributing AstraZeneca coronavirus vaccine

Containers carrying doses of the Oxford/AstraZeneca vaccine arrive in Brazil. Photo: Maurio Pimentel/AFP via Getty Images

Brazil on Saturday began distributing the 2 million doses of the AstraZeneca coronavirus vaccine that arrived from India Friday, Reuters reports.

Why it matters: Brazil has the third highest COVID-19 case-count in the world, according to Johns Hopkins University data. The 2 million doses "only scratch the surface of the shortfall," Brazilian public health experts told the AP.

Sullivan speaks with Israel's national security adviser for the first time

Israeli national security adviser Meir Ben Shabbat U.S. Photo: Mazen Mahdi/Getty Images. U.S. national security adviser Jake Sullivan. Photo: Chandan Khanna/Getty Images

U.S. national security adviser Jake Sullivan spoke on the phone Saturday with his Israeli counterpart Meir Ben Shabbat, Israeli officials tell Axios.

Why it matters: This is the first contact between the Biden White House and Israeli prime minister's office. During the transition, the Biden team refrained from speaking to foreign governments.

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.