President Trump. Photo: Win McNamee / Getty Images

President Trump indicated Friday he’s unlikely to take major steps to prop up oil prices and help an industry imploding as coronavirus chokes oil demand.

Why it matters: The pressure is now on for a planned Monday meeting of OPEC and other producing nations to strike a deal absent big action by the U.S. government. If that falls through, the industry could plunge even further into the abyss. Prices, now hovering below $30 a barrel, could breach $10, some experts say.

Driving the news: After meeting with oil-industry executives Friday afternoon to discuss options to help the ailing sector, Trump seemed to only endorse finding more places to store oil.

  • That move would be a small and fleeting band-aid.
  • Trump also said he isn’t thinking of imposing tariffs on oil imports as of now, an idea pushed by some domestic producers.
  • The industry itself is divided on the scope of help the government should offer.

The big picture: As the pandemic threatens lives around the world, it’s shutting down a global economy driven by oil consumption. This, along with a related price war between Saudi Arabia and Russia, is sending oil prices into a tailspin and producers scrambling to stay afloat.

What they’re saying: Despite tweeting earlier this week that he had talked to leaders of both Saudi Arabia and Russia, Trump suggested Friday that he wants to stay out of it. “Ultimately the marketplace will take care of it. I think they are going to work out their problem fairly quickly,” the president said.

What we’re watching: Whether Texas or other producing states bypass the federal government to try to hash out a deal to curtail production.

What to watch: Monday's virtual meeting is planned with Saudi Arabia, other members of the Organization of Petroleum-Exporting Countries, Russia — collectively known as OPEC+ — and possibly other producing nations.

Go deeper: Trump calls to fill up more places with oil

Go deeper

33 mins ago - World

Hong Kong pro-democracy media tycoon Jimmy Lai arrested

Millionaire media tycoon Jimmy Lai (C) and other activists outside the West Kowloon Magistrates Court in Hong Kong in July. Photo: Anthony WallaceA/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers," said Mark Simon, an executive at the tycoon's media firm Next Digital Monday morning local time. His son was also arrested, Lai's newspaper Apple Daily reports.

Why it matters: They were arrested under the national security law imposed by China in late June that gives Beijing more powers over the former British colony, per Bloomberg. Lai is the most prominent person arrested under the law, which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.

Go deeper: With new security law, China outlaws global activism

Editor's note: This is a developing news story. Please check back for updates.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 19,769,560— Total deaths: 729,351 — Total recoveries — 12,030,061Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 5,041,573 — Total deaths: 162,913 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on.

New York reports new low positive coronavirus test rate

People physically distancing at tables in New York City's Times Square in June. Photo: Johannes Eisele/AFP via Getty Images

New York Gov. Andrew Cuomo (D) announced Sunday 515 people, or 0.78% of those tested, returned a positive reading for COVID-19 the previous day.

Why it matters: It's the lowest single-day positive rate since the start of the pandemic. It's another sign that the state that was once a global coronavirus epicenter is curbing the spread of the virus. "Our daily numbers remain low and steady, despite increasing infection rates across the country, and even in our region," Cuomo said in a statement. "But we must not become complacent: Everyone should continue to wear their masks and socially distance."

Go deeper: Cuomo says all New York schools can reopen for in-person learning