Russia may be ready to cut its oil production by 200,000 bpd as part of a deal with OPEC to reduce oil supply—a higher commitment than 150,000 bpd previously aired, a source at Russia’s energy ministry told Reuters on Friday, as the deal broker of the tedious negotiations, Russian Energy Minister Alexander Novak, is now in the house. In the past few days, Russia was said to be willing to cut up to 150,000 bpd, much lower than Saudi Arabia’s ask for around 250,000 bpd. On Thursday, Novak said that it was much more difficult for Russia to cut its oil production in the winter. The talks within OPEC only, which adjourned with a stalemate on Thursday without any agreement, due to wrangling about exemptions and how to divvy up the cuts, resumed on Friday with Iran still holding firm that it would not be reducing its production in […]