OPEC logo is seen at the Organisation of Petroleum Exporting Countries building. Photo: Omar Marques/Sopa Images via Getty Images

OPEC leaders have tentatively agreed to increase oil production by 600,000 barrels per day, reports Bloomberg. The compromise between OPEC leaders comes at the last minute after Iran threatened to veto any production hike and is a "much needed show of unity."

The big picture: Oil prices rose 2% as the deal neared because it matched analyst expectations and "would help ease tightness in the oil market but would not create a glut," Reuters reports.

The backdrop: Iranian oil minister Bijan Zanganeh left the negotiations on Thursday after both Saudi Arabia and Russia pushed for a 1 million barrel per day hike on production. The two sides returned to the table on Friday.

  • Bloomberg reporter Iran had "bridled at complaints on Twitter by U.S. President Donald Trump that the cartel was artificially inflating oil prices." The Iranians said Trump is to blame for high prices because of his actions on trade and withdrawal from the Iranian nuclear deal

Go deeper

The Biden blowout scenario

Joe Biden speaks at an outdoor Black Economic Summit in Charlotte yesterday. Photo: Kevin Lamarque/Reuters

Joe Biden or President Trump could win the election narrowly — but only one in a popular and electoral vote blowout. 

Why it matters: A Biden blowout would mean a Democratic Senate, a bigger Democratic House and a huge political and policy shift nationwide.

2 hours ago - Technology

Justice's moves ring Big Tech with regulatory threats

Illustration: Annelise Capossela/Axios

The Department of Justice proposed legislation to curb liability protections for tech platforms and moved a step closer toward an antitrust lawsuit against Google Wednesday.

The big picture: As President Trump faces re-election, lawmakers and regulators are hurriedly wrapping up investigations and circling Big Tech with regulatory threats.

Democrats' mail voting pivot

Illustration: Sarah Grillo/Axios

Democrats spent the early months of the coronavirus pandemic urging their base to vote absentee. But as threats of U.S. Postal Service delays, Team Trump litigation and higher ballot rejection rates become clearer, many are pivoting to promote more in-person voting as well.

Why it matters: Democrats are exponentially more likely to vote by mail than Republicans this year — and if enough mail-in ballots are lost, rejected on a technicality or undercounted, it could change the outcome of the presidential election or other key races.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!