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Trump and Putin at the G20 in Osaka in 2019. Photo: Mikhail Svetlov/Getty Images

President Trump said on "Fox & Friends" Monday morning that he's planned to speak with Russian President Vladimir Putin about the Russia-Saudi rupture on oil policy that's helping to push prices lower.

What he's saying: "I’m talking to him about that among other things, because you know, getting along with Russia is a good thing," Trump said in a response to a question about pain in the oil-and-gas industry.

Why it matters: The three-year-old Saudi-Russia agreement on supply management collapsed in early March, putting further pressure on prices already pushed steeply downward because the coronavirus has frozen so much travel and economic activity.

  • The vow to discuss the topic with Putin comes as U.S. officials are also pressing Saudi Arabia to back off plans to boost supplies to the already flooded market, but that initiative has yet to show results.
  • The price and demand collapse is creating severe financial pressure on U.S. producers, who have already been announcing steep cutbacks.

But, but, but: Global demand is undergoing such an unprecedented collapse that any potential changes in Russia and Saudi supply decisions are likely to have only a limited effect.

The big picture: A Goldman Sachs note this morning offers a window into the unprecedented crisis facing the oil industry.

  • Their analysts now estimate that global oil demand has fallen by 26 million barrels per day — a 25% cut in consumption.
  • Worsening physical constraints on storage mean that at least 900,000 barrels per day have been halted, or "shut in," and it's growing by the hour. One problem for the sector is that shutting in wells can significantly and permanently damage them.
  • That will affect the industry's ability to supply the market once demand normalizes. "[W]e believe the upstream sector could lose as much as 5.0 million b/d of oil supply capacity," they note.

Threat level: Bloomberg reports that pipeline operators are asking oil companies to scale back production "in the clearest sign yet that a growing glut of crude is overwhelming storage capacity."

Go deeper

Updated 5 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.

10 hours ago - Technology

Officials warn 5 key tech sectors will determine whether China overtakes U.S.

Illustration: Aïda Amer/Axios

U.S. intelligence officials responsible for protecting advanced technologies have narrowed their focus to five key sectors: artificial intelligence, quantum computing, biotechnology, semiconductors and autonomous systems.

Why it matters: China and Russia are employing a variety of legal and illegal methods to undermine and overtake U.S. dominance in these critical industries, officials warned in a new paper. Their success will determine "whether America remains the world’s leading superpower or is eclipsed by strategic competitors."