When Russia refused two months ago to join the deeper OPEC oil cuts, it was because Moscow found them unnecessary. Two months later, Russia agreed to cut quite a bit more than it was asked to at the ill-fated March meeting. It is now doing its best to achieve its promised cuts. Why? Because it has the motivation that it lacked two months ago. Nobody, including the Kremlin and Rosneft’s Igor Sechin—called by some the architect of the price war that led to the initial oil prices slump—could have anticipated the effect that the coronavirus pandemic could have on the oil industry. Russian officials kept repeating that Russia would be fine with cheap oil, even if it lasted for years. And then, earlier this month, the country’s flagship Urals blend swung into negative territory. Cheap oil is one thing. Oil trading at negative prices is quite another. So Russia […]