Ronald Zak / AP

OPEC and its allies moved closer to cinching a deal Wednesday on extending its agreement to cut oil production output by 1.8 million barrels a day to March 2018, according to a statement from the Joint Ministerial Monitoring Committee.

Why it matters: The deal, which went into effect in January and is meant to restrict production so that demand and prices rise, was initially intended to last only six months. However, the "slower-than-expected decline in surplus fuel inventories" encouraged the organization to consider an extension.

On tap: OPEC's 14 member countries are meeting in Vienna Thursday where they will officially decide whether to prolong the cuts, but most oil experts say it's essentially already a done deal. "Because Russia and Saudi Arabia announced their support for it earlier in the month, the market may be disappointed if Thursday's meeting ends with 'just' a nine-month extension," Amrita Sen, Energy Aspects' chief oil market analyst, told Bloomberg.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 34,026,003 — Total deaths: 1,015,107 — Total recoveries: 23,680,268Map.
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Senate panel votes to subpoena Big Tech CEOs

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The Senate Commerce Committee has voted to authorize subpoenas compelling Facebook CEO Mark Zuckerberg, Twitter CEO Jack Dorsey and Google CEO Sundar Pichai to testify before the panel.

Why it matters: The tech giants are yet again facing a potential grilling on Capitol Hill sometime before the end of the year, at a time when tech is being used as a punching bag from both the left and right.

Trump administration cuts refugee cap to new record low

Photo: Mandel Ngan/AFP via Getty Images

The Trump administration plans to only admit a maximum of 15,000 refugees this fiscal year, the State Department said in a release late Wednesday evening.

Why it matters: This is yet another record-low refugee cap. Before leaving office, President Obama set the refugee limit at 110,000 for fiscal year 2017 — a number Trump has continued to slash throughout his presidency.