Illustration: Sarah Grillo/Axios

OPEC and Russia are slated to meet in Vienna this week to decide whether to extend and deepen their production-cutting agreement as the novel coronavirus eats into global oil demand.

Why it matters: The economic slowdown from the spread of the virus has pushed oil prices down to their lowest levels in over a year — creating new tests for the 3-year-old OPEC+ alliance between the cartel, Russia and allied producers.

What they're saying: Via S&P Global Platts, Russian President Vladimir Putin said yesterday that "for the Russian budget, for our economy, current oil prices are acceptable."

  • But per their piece and others, Putin also emphasized the need for "action" with their foreign partners.
  • The current supply-limiting deal expires at the end of this month.

What's next: Bloomberg took the pulse of analysts and found a widespread expectation that the March 5–6 meeting will yield new cuts.

  • "All but two of 29 analysts, traders and brokers in a global poll predicted that the Organization of Petroleum Exporting Countries and its allies will announce new curbs, with an average expectation of 750,000 barrels a day," they report.

But, but, but: The price plunge is hitting the industry in the U.S. too as shale producers, already struggling to make money, feel the pinch. The Wall Street Journal has more.

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Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 3:30 a.m. ET: 18,814,178 — Total deaths: 707,754— Total recoveries — 11,361,953Map.
  2. U.S.: Total confirmed cases as of 3:30 a.m. ET: 4,823,891 — Total deaths: 158,256 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Public health: Florida surpasses 500,000 confirmed casesFauci calls U.S. coronavirus testing delays "totally unacceptable."
  4. Business: America's next housing crisis.
  5. States: Virginia launches contact tracing app using specs from Apple and Google.
  6. Cities: L.A. mayor authorizes utilities shut-off at homes hosting large gatherings
  7. Politics: White House, Democrats remain "trillions of dollars apart" on stimulus talks.
37 mins ago - World

Hiroshima mayor warns of rise of nationalism on 75th anniversary

Prime Minister Shinzo Abe (C) at the Memorial Cenotaph in the Peace Memorial Park during the 75th anniversary service for atomic bomb victims in Hiroshima, Japan, on Thursday. Photo: Philip Fong/AFP via Getty Images

Hiroshima's Mayor Kazumi Matsui on Thursday urged the international community to work together to defeat the coronavirus pandemic and warned against an increase in "self-centered nationalism," per the Washington Post.

Why it matters: He said at a remembrance service on the atomic bombing of the Japanese city that the 1918 flu pandemic killed millions as countries fighting in World War I were unable to overcome the threat together, per DPR. "A subsequent upsurge in nationalism led to World War II," he added. The U.S. bombing of Hiroshima on Aug. 6, 1945 and Nagasaki three days later contributed to the end of World War II, but tens of thousands of people died. At the service, Prime Minister Shinzo Abe lamented nuclear weapons' "inhumanity," but he didn't mention Japan's wartime past, WashPost noted.

Go deeper: How new tech raises the risk of nuclear war

LeBron James on Trump NBA protest remarks: "We could care less"

The Los Angeles Lakers' LeBron James kneels during the national anthem before the game against the Oklahoma City Thunder in Lake Buena Vista, Florida, on Wednesday. Photo: Kevin C. Cox/Getty Images

LeBron James responded on Wednesday night to President Trump's comments calling NBA players "disgraceful" for kneeling during the national anthem to protest racism and that he won't watch games because of the action.

The big picture: Trump has repeatedly criticized sports players for taking the knee since 2016. But James said during a news conference, "I really don’t think the basketball community are sad about losing his viewership, him viewing the game." November's elections marked "a big moment for us as Americans," he said. "If we continue to talk about, 'We want better, we want change,' we have an opportunity to do that," he added. NBA Commissioner Adam Silver has said the league will "respect peaceful protest."

Go deeper: LeBron James forms voting rights group to inspire Black voters