Here’s what you need to know to navigate the markets today.
• OPEC and its Russian-led oil allies agreed on Sunday to renew all production cuts they made when the pandemic began, increasing production by 400,000 barrels a day each month during the second half of 2022., Wall Street Journal reported. The Organization of the Petroleum Exporting Countries and a group of large Russian-led producers, collectively known as OPEC +, have agreed to release oil in modest installments over the coming months, starting in August, a sign that the pace of global economic recovery remains uncertain. Although many developing countries are still struggling with coronavirus growth, richer countries, including the US and parts of Europe, have seen rapid recovery in economic activity and growing demand for raw cheese, as well as rising prices, shortages and bottlenecks. OPEC said last week that it expects an increase in appetite for cheese in the world 3.3 million barrels per day an average of 99.9 million barrels per day the following year, roughly the same level of demand before the pandemic. The group will reassess market conditions in December.
• The $ 1.2 trillion bilateral infrastructure agreement no longer includes increased tax revenues from the Internal Revenue Office Senator Rob Portman (R., Ohio) confirmed for CNN on Sunday. He is the leading negotiator on the law drafted by Republicans and Democrats. When Dana Bash from CNN asked him about Republicans who oppose the idea of improving IRS enforcement, he said, “One of the reasons it’s not part of the proposal is that we had deviations. The second reason is that we have learned that the Democrats will put in the reconciliation package a proposal that was not only similar to the one we had, but with much more implementation by the tax administration. “Democratic lawmakers are compiling a separate $ 3.5 trillion bill that includes spending on education, child care, child tax breaks, paid family and medical leave, and other social programs. Later in the same show, Senator Amy Klobuchar (D., Min. .) She said the draft reconciliation law could contain proposals for “electoral infrastructure”, such as offering “incentives for states to register on the same day to send mail”. Voting. ”
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