Jun 22, 2018 - Energy & Environment

OPEC leaders tentatively agree to production increase

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

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Sara Fischer

1 hour ago - Technology

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

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Hans Nichols

3 hours ago - Politics & Policy

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.

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Erica Pandey

4 hours ago - Economy & Business

The coronavirus is ushering in a new era of surveillance at work

Illustration: Sarah Grillo/Axios

As companies continue to prepare for the return of their employees to the workplace, they're weighing new types of surveillance in the name of safety.

Why it matters: Just as the coronavirus pandemic has acted as an accelerant for the adoption of remote work, it has also normalized increased surveillance and data collection. In the post-pandemic workplace, our bosses will know a lot more about us than they used to.