Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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