Russia is prepared to undertake significant cuts to its oil production, according to two Russian sources who spoke to Reuters on Monday. The markets are hanging on every word from Saudi Arabia, Russia, and the United States about who is prepared to do what, for how long, and with what conditions. Oil markets were largely trading down on Monday after OPEC over the weekend postponed the emergency meeting originally scheduled for today at the behest of the United States for later in the week. Although both Saudi Arabia and Russia have signaled its continued intent to curb oil production, the actions spooked markets. At 1:05pm EDT, WTI was trading down 6.21% at $26.58 , with Brent crude trading down 3.96% at $32.76. Both benchmarks are still up significantly week on week on the news that Russia and Saudi Arabia might finally be coming to their senses and reign in […]