Russia is set to post higher exports of Urals crude for the first half of this year despite cutting oil production ahead of schedule under a deal with OPEC aimed at boosting prices. After OPEC and non-OPEC producers agreed in early December to curtail oil output jointly, market expectations of lower supplies from Russia led to a rise in Baltic Urals prices at the start of the year to their highest in 15 years. But in late January, Urals differentials embarked on a downward trend as traders saw clearly that Moscow, seeking to plug a hole in its budget, had no plan to cut exports that month or in February. And if experience serves as a guide, Russia is likely to continue raising exports through spring as maintenance at its refineries peaks in April-May. Under the arrangement with the Organization of the Petroleum Exporting Countries aimed at easing a […]