Russia will support deeper oil production cuts across OPEC and its partners, Foreign Minister Sergey Lavrov told media at an event in Mexico. “We support this idea,” the top diplomat said, adding that President Putin had recently discussed the coronavirus outbreak with the King of Saudi Arabia. “Of course it will have some consequences for the oil market,” Lavrov said. Yesterday, sources from the oil cartel told Reuters that the joint ministerial panel overseeing the current cuts had recommended adding 600,000 bpd to the total in response to the oil price flop that followed the coronavirus outbreak. Russia, the source said then, was against additional cuts, but supported an extension of the current ones. Currently, the production cuts are around 2.1 million bpd after Saudi Arabia willingly cut its production more than it had committed to, adding 400,000 bpd to its cut quota. This means that with another 600,000 […]