Russia has started to concede that it needs to join a fresh Saudi-led oil production cut, but is still bargaining with its key partner in OPEC over how much, how fast, and for how long it would potentially reduce its oil output, Reuters reported on Thursday, citing two industry sources. For nearly a month—since an OPEC/non-OPEC panel signaled that there might be a need to cut oil production by 1 million bpd to balance the market—Russia has warned against any hasty decisions on new production cuts and has not officially said that a cut is needed. While Saudi Arabia and its Energy Minister Khalid al-Falih have been airing the idea of a new production cut, Russia has been less convinced that it could take part in another reduction, or at least so it lets the market to believe. Moscow, however, has repeatedly said that its cooperation with OPEC should […]