Saudi Arabia and Russia have started bilateral consultations on whether they should start cutting oil production again in 2019, Russian news agency TASS reported on Wednesday, citing an OPEC source familiar with the talks. The idea to start talking about reducing supply again came from Saudi Arabia, according to TASS’s source, who also noted that the issue would be discussed with Russian oil producers as well. Russia’s Energy Minister Alexander Novak told reporters in Beijing on Wednesday that he would hold talks with Russian oil companies before the meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC in Abu Dhabi this weekend. “There is no position yet, we are working at it with our companies,” TASS quoted Novak as saying when asked what Russia’s position is ahead of the JMMC meeting on November 11. Russia will have to look at demand projections for this quarter and […]