After deliberations, Russia appears set to support Saudi Arabia in the push for deeper production cuts. OPEC’s Joint Technical Committee met on Tuesday, and it was only supposed to be a two-day affair. The expectation was that the JTC would conclude that the oil market was oversupplied and that OPEC+ should cut more. But Russia was unconvinced and asked for more time. The talks stretched on, and the prospect of the negotiations ending with no result sent oil prices down towards the end of the week. But Russia’s top diplomat ended the week by voicing support for more production cuts. The leading idea is another 600,000 bpd in cuts, which come a little more than a month after OPEC+ introduced the last round of cuts following the December meeting in Vienna. The problem that some analysts have raised is that while the demand hit from the coronavirus is really […]