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

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Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.

Harris previews dual role in debut speech: Attacking Trump and humanizing Biden

Sen. Kamala Harris began her first speech as Joe Biden's running mate excoriating President Trump for his "mismanagement" of the coronavirus and scorn for the racial justice movement, before quickly pivoting to how she came to know Biden: through her friendship with his late son Beau.

Why it matters: The debut speech on Wednesday underscored the dual roles that Harris will take on for the rest of the campaign — humanizing Biden during a moment of national crisis and "prosecuting" the case against Trump as a failed president.