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Good morning.

From the newsroom of the Financial Times. Today is Monday, November 12th, and this is your F.T. News briefing.

Today we'll be looking at two of the world's biggest oil producers at odds. The clock on a Brexit deal continuing to run down, and the potential

new regulations on tech companies in Europe.

Then Ralph Atkins will tell us about a UN Pact meant to give refugees more protection in Europe and how that

pact might be falling apart. I'm Eric Krupky and here's the news you need to start your

day. Two of the world's biggest oil producers are at an odds. Saudi Arabia has opened

the door to cutting crude oil production as Russia says it plans to ramp up production.

Yesterday Saudi's Energy Minister Hollis says it plans to ramp up production.

Yesterday, Saudi's Energy Minister Halid al-Fala

said the state's energy company would supply 500,000

fewer barrels a day in December than it did in November. He said it was due to a lower demand, which may signal

a slowdown in the global economy. Saudi Arabia has been concerned about an excess of supply in

the market, which has been depressing prices.

Oil analysts say a minimum cut of 1 million barrels a day would be necessary to bring the markets

into balance.

But Russia said it's not clear whether the market would be oversupplied next year and that an imbalance could just be seasonal factors.

Last week, the Financial Times learned Russia's oil companies would boost production by 300,000 barrels a day.

Saudi Arabia and Russia have collaborated on oil policy since 2016.

Prime Minister Theresa May's cabinet is set to have a crucial meeting tomorrow, and Mrs May is

...