Jun 13, 2017

OPEC oil output spikes just weeks after extending production cuts

Ronald Zak / AP

Oil output across OPEC's 14 member countries increased by roughly 336,100 barrels per day in May after Libya, Nigeria, and Iraq increased their production, reports CNBC. The spike comes less than a month after OPEC and other exporters agreed to extend their November deal to cut oil output by 1.8 million bpd to March 2018.

Note: Libya and Nigeria are exempt from the OPEC agreement, as civil conflicts have weighed on their countries' oil supplies. Meanwhile, Iraq, which is OPEC's second-largest producer, had agreed to only produce 4.35 million bpd, but has repeatedly failed to meet its quota and continues to produce more than allotted.

Why it matters: The goal of the OPEC agreement is to help eliminate much of the glut in the oil market that has bogged down the industry for years; however, not all countries have kept their end of the bargain. In May, Saudi Arabia, Angola, Kuwait, and Qatar were the only four countries producing at or below their quotas.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 8 a.m. ET: 1,131,713 — Total deaths: 59,884 — Total recoveries: 233,591Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 278,458 — Total deaths: 7,159 — Total recoveries: 9,897Map.
  3. Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured, Health and Human Services Secretary Alex Azar said.
  4. 2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state opted to expand mail-in voting for the state's June 2 primary.
  5. Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
  6. Oil latest: The amount of gas American drivers are consuming dropped to levels not seen in more than 25 years, government data shows. Trump is calling on the Energy Department to find more places to store oil.
  7. Tech updates: Twitter will allow ads containing references to the coronavirus under certain use cases.
  8. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  9. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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The renaissance of the American family

Illustration: Eniola Odetunde/Axios

It used to be scarce and hard-earned, but suddenly family time is abundant in the era of shelter-in-place.

Why it matters: For the first time since the early 19th century, many parents and kids — and even grandchildren — are all under the same roof round-the-clock. And if past periods of emergency are any guide, this enforced togetherness could deepen our relationships for years to come.

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Biden says he's starting VP search this month

Joe Biden. Photo: Scott Olson / Staff

Joe Biden said he's spoken to Sen. Bernie Sanders and former President Barack Obama about selecting a running mate — and that he wants to build "a bench of younger, really qualified people" who can lead the nation over the course of the next four presidential cycles.

Driving the news: Biden spoke about the state of the 2020 race during a virtual fundraiser on Friday night that was opened to pooled coverage.