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Photo: Mandel Ngan/AFP via Getty Images

President Trump said Monday that OPEC has not explicitly asked him to press U.S. oil companies to cut production, but he added that U.S. output is slated to fall due to market forces as demand collapses.

Why it matters: The comments suggest how the U.S. could offer de facto participation in a wider international production-cutting deal, even though top-down mandates are not part of the U.S. market system.

  • "I think the cuts are automatic, if you're a believer in markets," Trump said at a White House briefing, adding companies are "already cutting" and "it's the market, it's supply and demand."

What's next: The OPEC+ group — led by Saudi Arabia and Russia — is set to meet remotely Thursday, to be followed by a remote meeting of G20 energy ministers on Friday.

  • But a global production-limiting agreement would be difficult for Saudi Arabia and Russia to accept without action by the U.S., the world's largest producer.
  • "Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort," Reuters reported Monday, citing OPEC+ sources.

What they're saying: "The G20 forum could provide space for a looser arrangement where explicit U.S. cuts are not necessarily required and market-led decreases in US production can potentially be repackaged as a U.S. contribution," the Eurasia Group said in a note Monday.

Go deeper

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Higher education expands its climate push

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New or expanded climate initiatives are popping up at several universities, a sign of the topic's rising prominence and recognition of the threats and opportunities it creates.

Why it matters: Climate and clean energy initiatives at colleges and universities are nothing new, but it shows expanded an campus focus as the effects of climate change are becoming increasingly apparent, and the world is nowhere near the steep emissions cuts that scientists say are needed to hold future warming in check.

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The pandemic isn't slowing tech

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Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Texas early voting surpasses 2016's total turnout

Early voting in Austin earlier this month. Photo: Sergio Flores/Getty Images

Texas' early and mail-in voting totals for the 2020 election have surpassed the state's total voter turnout in 2016, with 9,009,850 ballots already cast compared to 8,969,226 in the last presidential cycle.

Why it matters: The state's 38 Electoral College votes are in play — and could deliver a knockout blow for Joe Biden over President Trump — despite the fact that it hasn't backed a Democrat for president since 1976.