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OPEC Secretary General Mohammed Barkindo shakes hands with Russian President Vladimir Putin at the 2019 Russian Energy Week forum. Photo: Alexey Nikolsky/Sputnik/AFP via Getty Images

OPEC and Russia — among other allied producers — will gather in Vienna late this week to decide the future of their supply-limiting deal.

Why it matters: The OPEC+ group is struggling to prop up prices amid growing supplies from the U.S. and elsewhere, as well as rather soft demand and trade conflicts.

Where it stands: The current pact, which curbs output by 1.2 million barrels per day, runs through March. Officials will debate whether to continue the existing pact or modify it.

  • Reuters reported this morning that there's discussion of deepening the cuts by at least 400,000 barrels per day, and that the prospect is one reason why prices rose earlier this morning.
  • However, their piece notes, "Some in the group are wary of encouraging more U.S. production by measures to support prices."

What's new: The latest headwinds for the cartel blew in this morning when President Trump said he's restoring tariffs on steel and aluminum from Brazil and Argentina.

  • Trade wars typically slow down oil demand growth, which is a problem for petro-states.

The intrigue: The latest gathering comes as Saudi Arabia is on the cusp of the long-awaited IPO of state oil giant Aramco.

  • The share pricing is slated to be announced on Dec. 5, the same day the meeting begins.
  • The Wall Street Journal quotes an unnamed Saudi oil adviser who said the kingdom needs "stable prices of at least $60 a barrel."
  • “It can’t afford to have a declining oil price as [this] would hurt domestic investors who have bought into the IPO," the adviser said.

Go deeper: New energy technologies are disrupting the power of OPEC

Go deeper

48 mins ago - Health

J&J CEO "absolutely" confident in vaccine distribution goals

Johnson & Johnson CEO Alex Gorsky said Monday that he is "absolutely" confident that the company will be able to meet its distribution goals, which include 100 million doses by June and up to a billion by the end of 2021.

Driving the news: J&J is already in the process of shipping 3.9 million doses this week, just days after the FDA issued an emergency use authorization for the one-shot vaccine. Gorsky said he expects vaccines to be administered to Americans "literally within the next 24 to 48 hours."

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Clash of the central bankers

Photo Illustration: Eniola Odetunde/Axios. Photos: Bloomberg, Samuel Corum (Stringer)/Getty Images

While Fed chair Jerome Powell is brushing off the seismic rise in government bond yields and a corresponding decline in stock prices, a group of central bankers in the Pacific are starting to take action.

Driving the news: Bank of Japan governor Haruhiko Kuroda told parliament on Friday the BOJ would not allow yields on government debt to continue rising further above the BOJ's 0% target.

Biden expresses support for Amazon workers' union vote in Alabama

Photo: Joe Raedle/Getty Images

President Biden expressed support for a union vote by Amazon warehouse workers in Alabama in a two-minute video posted on Twitter Sunday, though he did not name the tech giant specifically.

Why it matters: A vote by workers at the Bessemer, Ala., warehouse to join the Retail, Wholesale and Department Store Union would make the facility the first Amazon warehouse to unionize in the U.S., per NPR. The election will run through March 29.