Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak (R). Photo: Amer Hilabi/AFP via Getty Images

"Russia’s energy minister insisted the country and its allies in OPEC need to watch the oil market in the coming weeks before making any decisions to cut output," Bloomberg reports.

Why it matters: The Russian wavering is a sign of tricky negotiations looming in Vienna next month with OPEC and allied producers will discuss dialing back production to prop up prices, which have tumbled by roughly $20 per barrel since early October.

The intrigue: The Bloomberg piece lays out why Russian and Saudi interests are only aligned up to a point.

  • It notes that the Saudis need prices around $73 per barrel to balance their budget (Brent is trading at almost $67 this morning).
  • The other side: "In Russia, the state budget is much less dependent on oil prices than it was when the country agreed to join OPEC-led efforts to rebalance the market back in 2016."

But, but, but: "Market expectations continue to grow that OPEC+ will agree to cut production at their meeting in early December by anywhere between 1-1.4MMbbls/d," ING analysts said in a note Monday.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 18,187,396 — Total deaths: 691,352 — Total recoveries — 10,841,436Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 4,711,323 — Total deaths: 155,379 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.