Oil production cuts may be coming After rising strongly this year on concerns about future supply shortages, oil prices have been sliding of late, recently hitting $70 a barrel. That has prompted Saudi Arabia and other major producers to weigh measures to prop up prices. Saudi Arabia said on Sunday that it would unilaterally begin “tapering off” production by as much as half a million barrels a day starting next month. Other OPEC members said they would discuss a broader curb next month. Oil prices jumped on the news. But production cuts aren’t a done deal. Russia said it would cut production only if there’s broader consensus . “We need to wait some time, to see how the market develops,” Alexander Novak, the Russian energy minister, told reporters. And Julian Lee […]