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Russian President Vladimir Putin at the G-20 Summit in 2019. Photo: Mikhail Svetlov/Getty Images

The current agreement between OPEC and Russia to limit oil output is all but certain to be extended, a decision that alongside the easing of U.S.-China trade tensions could temper downward pressure on crude oil prices from the economic slowdown.

Driving the news: Russian President Vladimir Putin said at the G-20 meeting in Japan that the "OPEC+" agreement, which jointly curbs production by 1.2 million barrels per day, would be extended by 6-9 months, per Reuters and other outlets. He spoke Saturday after meeting with Saudi Crown Prince Mohammed bin Salman.

Context: While that’s just a small slice of the nearly 100 million barrel per day global oil market, even somewhat marginal changes in supply and demand can substantially influence prices.

Why it matters: While an extension of the deal that expires this month has been expected, Putin's comments make the outcome of the July 1-2 OPEC+ meeting in Vienna "all but a foregone conclusion," Bloomberg notes.

More broadly, the Russia-Saudi collaboration shows how the U.S. production surge this decade has shaken up the geopolitics of oil, challenging OPEC and forcing the cartel to seek new strategies.

  • The U.S. is now the world's biggest crude oil producer, ahead of both Russia and Saudi Arabia, the two other largest.

By the numbers: Per Bloomberg: "This year the OPEC+ alliance has cut production by more than the pledged 1.2 million barrels a day as U.S. sanctions on Iran and Venezuela slashed output from both countries. Saudi Arabia also unilaterally made deeper curbs, pumping 9.7 million barrels a day in May, compared with its OPEC+ ceiling of 10.3 million."

Go deeper

Updated 2 hours ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.

Women politicians are under siege

Photo illustration: Sarah Grillo/Axios. Photos: Kevin Dietsch, Stefani Reynolds, and Alex Wong/Getty Images

Women in Congress feel besieged and singled-out amid surging threats against lawmakers at all levels, with some frustrated more hasn't been done to halt the trend.

Why it matters: As record numbers of American women are being elected to public office, their growing political power is being met with death and rape threats, sexist and racist abuse and online disinformation. Collectively, it's discouraged women from running for office.