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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.

Go deeper

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

5 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.