Jun 22, 2018

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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 1 p.m. ET: 691,867 — Total deaths: 32,988 — Total recoveries: 146,613.
U.S.: Leads the world in cases. Total confirmed cases as of 1 p.m. ET: 125,433 — Total deaths: 2,201 — Total recoveries: 2,612.
Federal government latest: The first federal prisoner to die from coronavirus was reported from a correctional facility in Louisiana on Sunday.
Public health updates: Fauci says 100,000 to 200,000 Americans could die from virus.
State updates: Louisiana governor says state is on track to exceed ventilator capacity by end of this week — Cuomo says Trump's mandatory quarantine comments "really panicked" people
World updates: Italy reported 756 new deaths, bringing its total 10,779. Spain reported almost 840 dead, another new daily record, bringing its total to over 6,500.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk
Other resources: CDC on how to avoid the virus, what to do if you get it.

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