Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
3 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

5 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.