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Photos: Jim Watson and Emmanuel Dunand/AFP via Getty Images

Russia is balking at the idea that market-driven declines in U.S. oil output could represent a significant contribution to a new global production-cutting deal, Bloomberg and Reuters reported this morning.

Why it matters: The Russian posture comes ahead of OPEC+ talks Thursday and a meeting of G20 energy ministers Friday.

  • It signals the hurdles in front of efforts to craft a meaningful new agreement to try and stabilize markets as the coronavirus crushes demand.

What they're saying: Kremlin spokesperson Dmitry Peskov told reporters that U.S. cuts occurring over time in response to low prices should not be viewed the same way as top-down restrictions.

  • "These are absolutely different reductions. You are comparing overall decline in demand with cuts aimed at stabilizing global markets," he said, per Reuters.

The other side: The Trump administration has not offered mandatory curbs — which would be highly unusual — unlike major players including Russia and Saudi Arabia.

  • The Energy Department yesterday forecast a steep decline in U.S. production this year that's maintained through 2021.
  • "With regards to media reports that OPEC+ will require the United States to make cuts in order to come to an agreement: The EIA report [yesterday] demonstrates that there are already projected cuts of 2 [million barrels per day], without any intervention from the federal government," per a DOE statement accompanying the forecast.

What we don't know: How Russia's posture will affect the outcome of the OPEC+ talks. "Peskov declined to say what Russia’s position would be in the upcoming meeting," Reuters notes.

Go deeper: Coronavirus crisis tests Trump’s love for cheap oil

Go deeper

1 hour ago - Health

Boris Johnson announces month-long COVID-19 lockdown in U.K.

Prime Minsiter Boris Johnson. Photo: NurPhoto / Getty Images

A new national lockdown will be imposed in the U.K., Prime Minister Boris Johnson announced Saturday, as the number of COVID-19 cases in the country topped 1 million.

Details: Starting Thursday, people in England must stay at home, and bars and restaurants will close, except for takeout and deliveries. All non-essential retail will also be shuttered. Different households will be banned from mixing indoors. International travel, unless for business purposes, will be banned. The new measures will last through at least December 2.

Updated 2 hours ago - Politics & Policy

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Saturday had already reached 65.5% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Technology: Fully at-home rapid COVID test to move forward.
  5. States: New York rolls out new testing requirements for visitors.