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OPEC. Photo: NurPhoto / Getty Images

A pivotal Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia, the leading players in the OPEC+ group.

Why it matters: Travel and economic freezes from COVID-19 are causing an unprecedented drop in oil demand that has caused prices to crater.

The early March collapse of the OPEC+ production-limiting agreement added even more downward pressure.

Driving the news: Reuters and Bloomberg both report that the meeting is instead tentatively scheduled for later next week.

  • The postponement follows sniping over the last day between Russia and Saudi Arabia over which side is to blame for the March rupture in the roughly three-year-old pact.
  • The Saudi foreign minister, in a statement, said Russian claims about the rupture and the Saudi posture toward U.S. shale producers were "fully devoid of truth."

The big picture: The push for new supply cuts is complicated because the Saudis and Russians have signaled they want other nations to join the curbs, including the U.S., the world's largest producer.

  • The U.S. market system does not enable top-down decisions on output. However, the collapse in prices and demand, and related logistical constraints, will begin pushing U.S. production lower.

What they're saying: “We always remained skeptical about this wider deal as U.S. producers cannot be mandated to cut,” oil analyst Amrita Sen of Energy Aspects Ltd. tells Bloomberg.

“If so, Russia doesn’t come to the table. And if everyone doesn’t cut, Saudi Arabia’s long held stance is that they will not cut either," she said.

What we're watching: What happens to oil prices when trading resumes Sunday evening. Prices have surged in recent days on the prospect of a new production-cutting pact.

  • The global benchmark Brent crude rose to roughly $34-per-barrel on Friday, about $10 higher than where it was mid-week.
  • Quick take: A steep decline when markets re-open will signal that traders think prospects for a deal have become more remote.

Go deeper:

Go deeper

Minnesota schools "all over the board" with mask-wearing guidance

Illustration: Brendan Lynch/Axios

Minnesota and federal health officials are urging universal masking in schools this fall, but not all local districts are following suit so far.

Driving the news: The Minnesota Department of Health issued new back-to-school guidance Wednesday, encouraging mask use indoors for students and teachers regardless of vaccination status.

  • Unlike last year, the state won't mandate mask use. Decisions will be up to local districts and school boards.
Updated 44 mins ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏃: U.S. pole vaulter Sam Kendricks withdraws from Games after positive coronavirus test

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

💵: Olympic athletes see more sponsorship opportunities

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

Felix Salmon, author of Capital
1 hour ago - Economy & Business

Giant earnings growth for the world's largest companies

Illustration: Aïda Amer/Axios

Never in the history of capitalism have the world's biggest companies grown as fast as the tech giants in recent years.

Why it matters: A series of stunning earnings reports this week — with another one likely to arrive Thursday afternoon, from Amazon — has underscored the astonishing growth among a group of companies that were already some of the most profitable of all time.