Russia Says Its Oil Production Will Increase After June

As if already preparing for its exit from the OPEC production cut deal that seeks to drawdown global inventories of crude oil to rebalance the market, Russian Energy Minister Alexander Novak vowed on Thursday to increase its oil output after June, according to Reuters. Russia’s recent decline of production, according to Novak, was caused by a combination of refinery maintenance and contaminated oil flowing through the Druzhba pipeline—issues that will be resolved after June, coincidentally when the oil production cut deal is set to…