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The one-day OPEC+ group meeting in Jeddah, Saudi Arabia. Photo: Amer Hilabi/AFP/Getty Images

Modest production hikes are on the table for June's OPEC meeting following a gathering this past weekend in Saudi Arabia of the Middle Eastern-led oil group and other producing countries.

Driving the news: "Saudi Energy Minister Khalid al-Falih told reporters at the event that he was recommending 'gently' driving oil inventories down. But he added that OPEC would not make hasty decisions about output ahead of the June meeting," CNBC reported.

  • "Two sources said Saudi Arabia, OPEC's de facto leader, and Russia were discussing two main scenarios for June's OPEC+ meeting and that both frameworks proposed higher output from the second half," Reuters reported.

Background: OPEC and non-OPEC producers led by Russia agreed in December to cut output by 1.2 million barrels a day for 6 months, which has led to increased and relative stable prices since then.

The intrigue, via WSJ: "The meeting comes as the U.S., Iran and Saudi Arabia have all warned in recent days that they could stagger into a military conflict in the Middle East. After the U.S. ban on Iran’s oil exports, two Saudi tankers were struck by unknown attackers, a Saudi pipeline was hit by an Iranian ally and the U.S. beefed up its naval presence in the Persian Gulf and pulled diplomats out of Iraq."

What's next: The next big OPEC meeting is set for June 26 in Vienna, Austria.

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

Go deeper

Dion Rabouin, author of Markets
Updated 3 hours ago - Economy & Business

Our make-believe economy is here to stay

Illustration: Eniola Odetunde/Axios

The Federal Reserve and global central banks are remaking the world's economy in an effort to save it, but have created something of a monster.

Why it matters: The Fed-driven economy relies on the creation of trillions of dollars — literally out of thin air — that are used to purchase bonds and push money into a pandemic-ravaged economy that has long been dependent on free cash and is only growing more addicted.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Why Trump may still fire Barr

Photo: Jabin Botsford/The Washington Post via Getty Images

Attorney General Barr may be fired or resign, as President Trump seethes about Barr's statement this week that no widespread voter fraud has been found.

Behind the scenes: A source familiar with the president's thinking tells Axios that Trump remains frustrated with what he sees as the lack of a vigorous investigation into his election conspiracy theories.

Mike Allen, author of AM
4 hours ago - World

Scoop: Trump's spy chief plans dire China warning

Xi Jinping reviews troops during a military parade in Beijing last year. Photo: Thomas Peter/Reuters

Director of National Intelligence John Ratcliffe on Thursday will publicly warn that China's threat to the U.S. is a defining issue of our time, a senior administration official tells Axios.

Why it matters: It's exceedingly rare for the head of the U.S. intelligence community to make public accusations about a rival power.

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