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Ronald Zak / AP

Following a series of meetings between OPEC and non-OPEC countries in Vienna Thursday, Saudi Arabia's energy and oil minister, Khalid Al-Falih announced that all members will do "whatever is necessary to balance the markets," even if that means further extending cuts in oil output past March 2018.

Why March? Earlier today, the group agreed to extend its November deal to cut oil output by nine months. Al-Falih said that although they believe they will hit their desired target by the end of the year, the three-month extension should help with any buildup of stocks.

The caveat: Despite Al-Falih's boasting that most countries were sticking to quotas, not all OPEC and non-OPEC members who agreed to cut oil output by 1.8 million barrels a day are keeping up their end of the bargain. Iraq is just one example of cheating the agreement. According to Bloomberg, Iraq produced roughly 80,000 more barrels of oil a day than permitted.

Next meeting: All OPEC and non-OPEC members will meet again on November 30, 2017. Al-Falih said that the two groups are considering extending their close alliance and continuing to work together beyond 2017 and the nine-month extension.

  • 14 OPEC countries, as of January 2017: Algeria, Angola, Ecuador, Equatorial GuineaGabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela.
  • 10 non-OPEC countries: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan.

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

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