[naviga:h3]Agency expects oil output to be stable[/naviga:h3]

PARIS — The International Energy Agency says OPEC’s plan to cut production and support prices are likely to be undone by increased output in non-OPEC countries like the U.S.

If correct, that could keep a lid on oil prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russia to limit production.

The IEA said in its monthly oil report today it expects non-OPEC production to grow 700,000 barrels daily this year and 1.5 million barrels next year, “which is slightly more than the expected increase in global demand.”

It said it “makes sobering reading for those producers looking to restrain supply.”

The U.S. benchmark for crude fell 51 cents to $45.94 a barrel today.

[naviga:h3]Beverage tax cash below expectations[/naviga:h3]

PHILADELPHIA — The city is lowering its projections for revenue from Philadelphia’s new tax on sweetened drinks, saying it will bring in less than had been anticipated.

The tax in effect since January has brought in $25.6 million, but will fall short of the projected $46.2 million total for the fiscal year that ends June 30.

So the mayor’s office says it will lower the revenue projection in a five-year plan to be presented later this month. But city spokesman Lauren Hitt said officials still believe they will hit their fiscal year 2018 projection of $92 million.

The tax is imposed at the distributor level, and if fully passed on to the consumer, amounts to $1.44 on a six-pack of 16-ounce bottles.

[naviga:h3]Trump-related firm makes bid[/naviga:h3]

NEW YORK — A company that owns buildings with Donald Trump and the family of Jared Kushner is a finalist for a $1.7 billion contract to build the FBI’s new headquarters.

Vornado Realty Trust is one of three finalists to build a replacement for the bureau’s current headquarters on Pennsylvania Avenue in Washington D.C., the massive J. Edgar Hoover Building, according to Garth Beall, manager of Renard Development. Renard is hoping the federal agency running the bidding process, the General Services Administration, will choose a Renard site in Greenbelt, Md., for the new headquarters.

Vornado is a partial owner with the Trump Organization in two buildings, one each in New York and San Francisco. It is also a major investor in 666 Fifth Ave., the flagship skyscraper of the Kushner Cos.

[naviga:h3]California comes up with a new budget[/naviga:h3]

SACRAMENTO, Calif. — California Gov. Jerry Brown and Democratic legislative leaders said Tuesday they have agreed to a $125 billion budget that would expand a tax credit for the working poor, increase spending on safety net programs and boost payments for doctors and dentists.

The budget agreement sets up votes in the state Senate and Assembly on Thursday, the last day for lawmakers to approve a budget without losing pay under a voter-approved measure that withholds lawmakers’ paychecks if they don’t meet budget deadlines.