MOSCOW, Dec. 16 (UPI) — A handful of Russian oil companies are expected to form a working group to monitor coordination with production agreements, the Russian oil minister said. Russian Oil Minister Alexander Novak said representatives from 12 oil companies in the country agreed to work together to monitor the terms of an agreement to cut oil production during the first half of next year. “All the companies are ready to cut production,” he was quoted by Russian news agency Tass as saying. Members of the Organization of Petroleum Exporting Countries and other top producers agreed in late November to cut production by around 1.2 million barrels per day starting in January. That’s about what OPEC expects in terms of demand growth and the deal is aimed at erasing some of the supply-side pressures that pulled oil prices below $30 per barrel in early 2016. Russia agreed to contribute […]