OPEC conference at Vienna in March 2020. Photo: Askin Kiyagan/Anadolu Agency via Getty Images

OPEC+ members are in talks to lengthen current crude oil output curbs instead of loosening the restrictions as envisioned in their April agreement, per reports in Bloomberg and Reuters.

Driving the news: The OPEC+ group — which includes OPEC, Russia and allied producers — are eyeing an extension of the 9.7 million barrels per day production cut for one or two months, Reuters reported. Bloomberg notes it could be three.

  • Right now the cutbacks are slated to begin easing at the end of June, dropping to 7.7 million for the rest of the year.

The big picture: The formal cuts in the agreement are part of a much larger global decline in response to the pandemic that caused demand and prices to crater.

  • Demand has begun coming back and prices have rallied in recent weeks, but the market is still facing headwinds and lots of uncertainty.

What's next: The OPEC+ group's planned meeting next week could be moved up to this Thursday, per multiple reports.

Go deeper

Coronavirus pandemic means more oil will stay in the ground

Photo: RJ Sangosti/The Denver Post via Getty Images

The pandemic will "expedite peak oil demand," the consultancy Rystad Energy said in a note this week, taking stock of how much additional oil will not be produced in the future as a result.

Why it matters: Rystad's summary of its annual review of oil resources shows how the coronavirus pandemic is prompting analysts to change their thinking about the future of oil.

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 12,772,755 — Total deaths: 566,036 — Total recoveries — 7,030,749Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 3,269,531 — Total deaths: 134,898 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
57 mins ago - Health

Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.