Uber gives up on Russia; Cracks in OPEC's plans; Venezuela's oil crisis; China-North Korea trade up

What's new... what's next   By Matt Egan, Patrick Gillespie and Julia Horowitz of CNNMoney 1. Venezuela oil production dives as debt looms Venezuela only has one source of cash: oil. And it's pumping less and less every month. Venezuela's oil production of 1.9 million barrels per day hangs around the same level it was at in 1989. The country's spiraling economic crisis has crippled its ability to extract and sell its only valuable resource. As oil production drops, Venezuela's bills aren't going anywhere: it owes nearly $5 billion in debt payments this year. For now, it only has $10 billion in reserves.  2. Cracks emerge in OPEC's grand strategy OPEC's deal to cut production has failed to fix the huge oil supply glut. That's despite the fact that the fractured cartel had displayed an uncanny ability to keep its promises. Now, cracks are emerging in the OPEC strategy. Only a handful of OPEC members are in full compliance with the agreement to limit production, according to the IEA. Overall compliance has dropped to 78% in June, compared with 95% in May. That likely won't help matters. 3. China is importing less coal from North Korea Trade between North Korea and China is up. There's just one caveat: coal. A Chinese government official said Thursday that the trade relationship was worth $2.6 billion in the first half of 2017, increased about 10% over the same period last year. But coal imports slumped by 75%, suggesting Beijing is gradually choking off North Korea's biggest source of currency. In February, China said it would suspend coal imports from the country. 4. Uber gives up the fight in Russia The ride-hailing service's international retreat continues. Uber has agreed to cede its operations in Russia to rival Yandex, and will instead invest $225 million in a yet-to-be-named joint venture with the company. Yandex will throw $100 million into the pot, but will own 59% of the firm. Its CEO will also be in charge of the combined venture. The move comes as a top Uber executive makes an astute observation: Uber can't behave like a startup anymore. 5. Quick Takes: Two watchdogs sounded the alarm on Brexit risks  Employers take notice: If you want to check out a job applicant on Facebook, you have to tell them first German government summons Daimler over emissions allegations  New GOP health care bill: Cheaper plans and fewer benefits  6. What's next: Here come the big bank earnings: JPMorgan Chase, Citigroup, Wells Fargo and PNC are all due to post results before Friday's opening bell, kicking off earnings season for banks. Wall Street wants to hear how the banks navigated a challenging trading environment and whether they plan to keep ramping up dividends. Wells Fargo's results will be scrutinized for signs of further fallout from the fake account scandal. Are Americans spending more? Consumer spending accounts for two-thirds of the U.S. economy. That's why Friday's 8:30 a.m. ET report on June retail sales is considered important. Even though consumers have been feeling more confident, that hasn't really translated to more aggressive spending. An update on consumer sentiment is also due out at 10 a.m. ET from the University of Michigan. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences