Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Saudi Arabia's Crown Prince Mohammed bin Salman sits beside Russia's President Vladimir Putin at the G20 Summit in Osaka, Japan, June 28, 2019. Photo: Jacques Witt/AFP via Getty Images

The OPEC+ group led by Saudi Arabia and Russia finalized plans Sunday to steeply cut oil production by a combined 9.7 million barrels per day, Bloomberg and Reuters report, capping a tumultuous, days-long stretch of international talks that included the U.S. Additional cuts are expected from producers outside the OPEC+ group.

Why it matters: The agreement marks oil producers' first coordinated response to the COVID-19 pandemic, which has caused an unprecedented collapse in global oil demand and pushed prices to very low levels.

  • As Axios reported Friday, the deal is expected to help the market avoid complete collapse, but it won't prevent substantial damage to the sector.
  • The demand and price declines are causing distress for U.S. oil producers and drilling contractors, who are steeply cutting spending and beginning to pare staff.

The intrigue: President Trump has been touting his involvement in the negotiations and has held direct talks in recent days with the heads of Russia, Saudi Arabia and Mexico.

  • He tweeted on Sunday: "The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!"

What's next: All eyes will now be on the market response to the agreement when oil futures trading resumes Sunday evening.

Driving the news: Sunday's reported deal follows a tentative agreement Thursday that was temporarily derailed by Mexico's opposition to its level of allotted cuts, as well a wider G20 energy ministers meeting Friday and talks that stretched into the weekend.

  • Per multiple reports, Mexico will agree to cut its production by 100,000 barrels per day, which is 300,000 barrels per day less than its allotment in Thursday's tentative deal that Mexican officials rejected.
  • Trump said Friday that he has offered to help Mexico "pick up some of the slack," though there have not been details on the agreement.

The big picture: "The U.S., Brazil and Canada will contribute another 3.7 million barrels as their production declines," Bloomberg reports, adding that OPEC officials are waiting to hear from more G20 members.

  • The U.S., the world's largest producer, has not offered firm production cuts, but Trump and the Energy Department have emphasized that market forces will bring U.S. declines.
  • At Friday's G20 meeting, Energy Secretary Dan Brouillette noted estimates that U.S. production is projected to fall by 2 million barrels per day by year's end and perhaps more.

Go deeper

4 hours ago - Politics & Policy

Scoop: Sources say Beto plans Texas comeback in governor’s race

Former U.S. Rep. Beto O'Rourke speaks during the Georgetown to Austin March for Democracy rally on July 31, 2021, in Austin, Texas. Photo: Brandon Bell/Getty Images

Former Rep. Beto O’Rourke is preparing to run for governor of Texas in 2022, with an announcement expected later this year, Texas political operatives tell Axios.

Why it matters: O'Rourke's entry would give Democrats a high-profile candidate with a national fundraising network to challenge Republican Gov. Greg Abbott — and give O’Rourke, a former three-term congressman from El Paso and 2020 presidential candidate and voting rights activist, a path to a political comeback.

Texas doctor says he performed an abortion in violation of state law

Pro-choice protesters march down Congress Avenue and back to the Texas state capitol in Austin, Texas, in July 2021. Photo: Erich Schlegel/Getty Images

A Texas doctor disclosed in an op-ed in the Washington Post on Saturday that he has performed an abortion in violation of the state's restrictive new abortion law, which effectively bans the procedure after six weeks.

Why it matters: Alan Braid's op-ed is a direct disclosure that will very likely result in legal action, thereby setting it up as a potential test case for how the abortion ban will be litigated, notes the New York Times.

Mike Allen, author of AM
6 hours ago - Technology

Axios interview: Facebook to try for more transparency

Nick Clegg last year. Photo: Matthew Sobocinski/USA Today via Reuters

Nick Clegg, Facebook's vice president of global affairs, tells me the company will try to provide more data to outside researchers to scrutinize the health of activity on Facebook and Instagram, following The Wall Street Journal's brutal look at internal documents.

Driving the news: Clegg didn't say that in his public response to the series. So I called him to push for what Facebook will actually do differently given the new dangers raised by The Journal.