Oil prices are at their lowest levels in a year as coronavirus hits demand, and one side effect of the public health crisis is that it's afflicting the OPEC-Russia relationship.

Driving the news: Russia has yet to endorse recommendations from an OPEC+ technical panel to deepen the groups' production-limiting pact by 600,000 barrels per day.

  • “The oil market will be waiting on Russia’s response, to see if the OPEC+ can prove itself as being proactive producer group in dealing the coronavirus virus outbreak which, like SARS, is effectively a negative demand shock," BNP Paribas analyst Harry Tchilinguirian said via Reuters.

What they're saying: "The real question is whether the Russians and the Saudis are on the same page on the necessity for collective action," RBC Capital Markets' Helima Croft tells the New York Times.

The big picture: "[I]f the group doesn’t act soon, it will find the decision taken out of its hands. Having floated the idea of further cuts they now need to deliver. Anything less will likely send prices down again," notes Bloomberg columnist Julian Lee.

Go deeper: There’s more oil and gas than ever — and the industry is tanking

Go deeper

The national security risks hiding in Trump's debts

Illustration: Aïda Amer/Axios

The blockbuster New York Times report on President Trump’s taxes reveals that the president is $421 million in debt, with more than $300 million coming due during Trump’s potential second term — and the identities of the president’s creditors remain unknown.

Why it matters: If some, or all, of this debt is held by foreign actors, it raises serious national security implications.

29 mins ago - World

House report: U.S. intelligence agencies have failed to adapt to China threat

Xi Jinping and other Chinese politicians and delegates listen to the national anthem duirng the closing of the 19th Communist Party Congress in 2017. Photo: Lintao Zhang/Getty Images

The House Intelligence Committee on Wednesday released a report finding that the U.S. intelligence community has failed to adapt to the growing threat from China, arguing that it will struggle to compete on the global stage for decades to come if it does not implement major changes.

The big picture: The 200-page report, based on thousands of analytic assessments and hundreds of hours of interviews with intelligence officers, determined that the intelligence community's focus on counterterrorism after 9/11 allowed China "to transform itself into a nation potentially capable of supplanting the United States as the leading power in the world."

Updated 32 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."

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