Oil Prices

• Saudi Arabia and Russia led OPEC+ into an agreement to cut global oil production by two million barrels per day or around 2% of production. That's double the cut initially proposed, and it's already driven oil prices up over 1.5%.
• The NYT says Saudi Arabia's willingness to cut production despite Pres. Biden's "fist-bump diplomacy" pushing for the opposite reveals how little influence the U.S. has over its Gulf allies. The White House called the cuts "shortsided" and criticized OPEC+ for "aligning with Russia."
• Separately, the EU agreed to new sanctions on Russia and a yet-to-be-defined price cap on Russian oil prices.

• Russia used Iranian drones to bomb targets deep inside Ukraine and far from the front lines, striking infrastructure in Bila Tserkva - around 50 miles (30 km) south of Kyiv. Separate strikes targeted Kharkiv.
• Pres. Putin signed legislation formally annexing the four Ukrainian regions that held referendums on joining Russia. Russia never had full control over all four regions, and recent Ukrainian advances have shrunk the share Russia still controls.
• U.S. intelligence assesses that Ukrainian officials authorized the assassination of Daria Dugina, the daughter of a hawkish Russian rabblerouser, near Moscow. It was a bold operation - so bold that U.S. officials reportedly admonished Ukraine for it after the fact.

• The WSJ reports that the U.S. is considering giving Venezuela some sanctions relief to enable Chevron to start pumping oil again. The potential deal would require Pres. Maduro's government to resume talks with the opposition and start working towards real elections in 2024.
• More cautious voices say the U.S. doesn't expect Venezuela to actually agree to those terms.

• North Korea launched yet another weapons test, firing two more ballistic missiles off its east coast. North Korean officials say the latest launches are "just counter-action measures" in response to U.S.-South Korean military drills.

• The African Union invited the Ethiopian government and Tigrayan rebels to peace talks in South Africa and both sides accepted. Talks will start this weekend.