Welcome to the Russian cut edition of Oil Markets Daily!
The Russians put on quite the theatrics when it comes to OPEC+ production cut meetings. Alexander Novak, Russia's Energy Minister, put on quite the show late last year when he flew back to Moscow for an emergency meeting with Russia's oil producers to discuss the production cut agreement. While each meeting seems to come down to a nail biter with the Russians reluctant to cut production, everyone in the media takes Russia's promise at face value.
What's hilarious is the enormous amount of attention put