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Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members. Photo: Amer Hilabi/AFP via Getty Images

OPEC is seeking to formalize its market management partnership with Russia and other producers, a proposal slated for discussion later this month in Vienna, The Wall Street Journal reports.

Why it matters: Plans to transform their existing, roughly 2-year-old oil supply management effort into something more durable signals how the U.S. production surge has upended oil markets and geopolitics.

  • Most recently, OPEC, Russia and allied producers agreed in December to jointly curb output by a combined 1.2 million barrels per day for the first 6 months of 2019.

The details: The WSJ, citing an unnamed OPEC official, reports that "under the current draft document, the alliance could last up to three years and wouldn’t be legally binding."

The intrigue: Proposals to turn the loose partnership often called OPEC+ into a more institutional arrangement have been a moving target for a while. In December, Russian energy chief Alexander Novak said it’s unlikely Russia and OPEC will create a formal, institutional structure.

The big picture: The U.S.' return to the ranks of global oil behemoths in recent years has prompted OPEC and Russia to cooperate in an effort to bolster prices.

  • As the WSJ notes, the Saudis in particular need prices above $80-per-barrel to balance their budget (right now Brent crude is trading around $62).
  • The U.S. is now the world's largest producer, with output closing in on 12 million barrels per day.

What's next: Per the WSJ, OPEC members and will meet with Russia and other non-OPEC producers to debate the idea in Vienna in 2 weeks, and hope to agree to a final deal in April.

Go deeper

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Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.

Trump gives Biden access to presidential intelligence briefings

Photo: Mark Makela/Getty Images

The Trump White House on Tuesday gave President-elect Biden access to daily presidential intelligence briefings, a source familiar with the matter tells Axios.

Why it matters: Trump has refused to share the briefs until now, as he continues to challenge the result of the election and declines to concede. The president's acquiescence comes as another sign that the transition to a Biden administration is taking place.

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.