May 25, 2018 - Energy & Environment

The OPEC-Russia exit plan starts emerging

Ben Geman, author of Generate

Russian Energy Minister Alexander Novak. Photo: Mikhail Metzel/TASS via Getty Images

It's happening. Per Reuters, "Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday."

Why it matters: The comments signal how a swirl of forces — notably Venezuela's collapsing production and the revived U.S. sanctions against Iran — are prompting Russia and OPEC to weigh changes in their output-limiting agreement.

What's on the table: Reuters and the Financial Times, citing anonymous sources, say discussions are exploring a combined output boost of around one million barrels per day.

What's going on in the market: Prices have been sliding recently in anticipation of more supplies hitting the market.

  • The global benchmark Brent crude, which has touched $80 per barrel in trading earlier this month, has fallen into the $77 range this morning.

What's next: All eyes will be on the OPEC meeting in Vienna next month, where ministers from the cartel and allied producers will discuss the output-limiting deal that's currently slated to run through the end of 2018.

2018, ladies and gentlemen: Reuters reports from Russia this morning . . .

  • "OPEC began a discussion about easing production cuts following a critical tweet from U.S. President Donald Trump, OPEC’s Secretary General Mohammad Barkindo said on Friday."

Go deeper

Axios
Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,295,429 — Total deaths: 767,714— Total recoveries: 13,295,750 — Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,345,610 — Total deaths: 169,146 — Total recoveries: 1,796,326 — Total tests: 65,676,624 — Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes — Patients grow more open with their health data during pandemic — FDA issues emergency use authorization for Yale's saliva coronavirus test.
  4. Education: "Historic" laptop demand leads to shortages ahead of remote school — Why learning pods aren't a panacea for remote learning — The COVID-19 learning cliff.
  5. States: New York to reopen gyms, bowling alleys, museums.
  6. Podcasts: The rise of learning pods — Special ed under pressure — Not enough laptops — The loss of learning.
Go deeper (<1 min. read)Arrow
Kim Hart, Alison Snyder
27 mins ago - Politics & Policy

The COVID-19 learning cliff

Illustration: Aïda Amer/Axios

Perhaps the most jarring reality of the COVID-19 pandemic for families has been the sudden and dramatic disruption to all levels of education, which is expected to have deep social and economic repercussions for years — if not decades — to come.

Why it matters: As millions of students are about to start the school year virtually, at least in part, experts fear students may fall off an educational cliff — missing key academic milestones, falling behind grade level and in some cases dropping out of the educational system altogether.

Go deeper (3 min. read)Arrow
Mike Allen
3 hours ago - Politics & Policy

Postal slowdown threatens election breakdown

In 24 hours, signs of a pre-election postal slowdown have moved from the shadows to the spotlight, with evidence emerging all over the country that this isn't a just a potential threat, but is happening before our eyes.

Why it matters: If you're the Trump administration, and you're in charge of the federal government, remember that a Pew poll published in April found the Postal Service was viewed favorably by 91% of Americans.

Go deeper (1 min. read)Arrow