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President Trump, Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin. Photos: Getty Images

In the near-term, the new OPEC+ deal may have steadied the volatile market; while in the long-term, the U.S. influence on global markets is now massive.

The big picture: The International Energy Agency's latest oil market analysis is a CliffsNotes look at how the U.S. has joined Russia and Saudi Arabia as entrenched members of the super-producers club. The U.S. pumps well over 11 million barrels of crude per day and climbing.

  • "While the US was not present in Vienna, nobody could ignore its growing influence," IEA notes.
  • The report flags the recent moment when the U.S. briefly became a net exporter (by a small margin) of crude and petroleum products combined.

Why it matters: Today's monthly IEA report is the first since OPEC and Russia struck a deal in Vienna last week to trim output beginning next year.

  • "The agreement aims to achieve relative stability and to bring the market towards balance. So far, the Brent crude oil price seems to have found a floor, remaining close to [$60 per barrel] much where it was when the ministers met," IEA said (emphasis added).

But, but, but: IEA cautions that "time will tell how effective the new production agreement will be in re-balancing the oil market." And indeed Brent crude has dipped below $60 at times in trading this morning.

What they're saying: "[E]ven if it proves to be an isolated data point, the long-term trend is clear," IEA said about U.S.' net exporter moment, adding that net imports in 2018 are well under a third of what they were just a decade ago before shale took off.

  • "As production grows inexorably, so will net imports decline and rising US exports will provide competition in many markets, including to some of the countries meeting in Vienna last week," IEA said.

Go deeper

Mike Allen, author of AM
3 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.