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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

Dion Rabouin, author of Markets
Aug 12, 2020 - Economy & Business

U.S. producer prices rose last month by the most since October 2018

Data: U.S Bureau of Labor Statistics; Chart: Axios Visuals

U.S. producer prices rose by the most since October 2018 last month, following a 0.2% decline in June.

Details: U.S. PPI for final demand, a measurement of prices paid by businesses, increased 0.6% last month, driven by a surge in portfolio management fees and the rising cost of gasoline.

Erica Pandey, author of @Work
43 mins ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.