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1. Saudi Arabia’s decision to extend cuts to its crude-oil output until the end of the year is likely to lead to a significant supply shortfall for the rest of the year, keeping prices higher at the pump, according to the International Energy Agency.  In its monthly report, the IEA said cuts from the Organization of the Petroleum Exporting Countries, a cartel of oil-producing nations where Saudi Arabia is the largest producer and de facto leader, have led to 2.5 million barrels a day being removed from the market since January, though this has mostly been mitigated by record supply coming from the U.S. and Brazil, with non-OPEC supply up by 1.9 million barrels a day. (Source: wsj.com, iea.org)