Russia is dragging its feet over the oil production cut deal that it has reached with OPEC and other non-OPEC countries. The deal, which was to go into effect on January first, originally had Russia’s reluctant backing, with the country conceding in November that production cuts were in fact necessary to stabilize the oil markets. The backing was far short of being enthusiastic, and came after warnings that the cartel should not make any hasty decisions on new production cuts and even questioning the necessity of such a deal. After agreeing to the cut 228,000 barrels per day, Russia’s Energy Minister Alexander Novak notified the media in January that it would not be able cut oil production that quickly, and that it could only cut 50,000 bpd and 60,000 bpd that month. Two reports today hinted that the deal between Russia and OPEC may be shortened. The most vital […]