OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them, unnamed sources in the know told Reuters. In February, OPEC proposed further cuts of 600,000 bpd to make up for demand loss amid the coronavirus outbreak, but Russia was reluctant to agree, noting there was no guarantee the deeper cuts would stimulate demand for oil, therefore pushing prices up. Now, the cartel is talking about even deeper cuts, of up to 1 million bpd. It would put the total reduction at 2.7 million bpd, and this is not including the decimated Libyan oil output, currently at a little over 120,000 bpd , down from over 1.2 million bpd at the start of the year. “Saudi Arabia wants to hold prices from falling, but Russia is still not agreeing. So the only way might be for OPEC to […]