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

55 mins ago - Health

4 former CDC heads say Trump's undermining of agency puts lives at risk

CDC director Robert Redfield and President Trump. Photo: Drew Angerer/Getty Images

Four former directors of the Centers for Disease Control and Prevention blasted the Trump administration's "repeated efforts to subvert" agency guidelines related to reopening schools, accusing the White House in a scathing Washington Post op-ed of undermining science with "partisan potshots."

Why it matters: The directors, Tom Frieden, Jeffrey Koplan and David Satcher and acting head Richard Besser, served in parts of the Obama, Bush and Clinton administrations. They said they "cannot recall over our collective tenure a single time when political pressure led to a change in the interpretation of scientific evidence."

Chinese students at U.S. colleges face deep uncertainty

Illustration: Annelise Capossela/Axios

A new visa guideline issued last week would strip international students in the U.S. of their student visa if their college classes are online-only amid the pandemic.

Why it matters: More than 360,000 Chinese students are enrolled at U.S. colleges. Many of them could be forced to return to China if the rule change is implemented.

Pelosi "absolutely" would skip August recess to reach coronavirus stimulus deal

Speaker Nancy Pelosi (D-Calif.) told CNN on Tuesday she would "absolutely" be willing to forgo the House's August recess to reach a deal for another relief package to help the country battle the health and economic crises caused by the coronavirus.

The big picture: Pelosi indicated the package would earmark money for coronavirus testing and contact tracing, as well as assistance for state and local governments whose budgets are in dire financial straits due to revenue shortfalls caused by the recession.