Russia Hits 100% Compliance With OPEC Cut

Russia has effectively reached its 300,000-bpd production cut target under its agreement with OPEC, Energy Minister Alexander Novak said. “Yesterday it was about 298,000 barrels. We can say that we have reached 300,000 barrels,” he told media on Friday. The milestone comes none too soon, as Russia had promised to achieve this level by end April. Russia had undertaken the cut off its October daily average, which exceeded 11 million bpd in a bid to help OPEC’s efforts to rebalance the market and improve prices. Together, OPEC –…

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