Russia has cut crude oil production by 200,000 barrels daily , Energy Minister Alexander Novak said. That’s two-thirds of the amount it agreed to cut under the OPEC-non-OPEC agreement closed at the end of last year. The 300,000-bpd reduction that Russia agreed to represents 2.7 percent of its October output, which exceeded 11 million bpd . This went up to 11.23 million bpd in November – the month that was taken as the basis, from which individual cut quotas were assigned. The country, which was the largest non-OPEC producer that signed up for the cut agreement, said it would reduce production gradually, raising suspicions about whether it will try to find a way around it. Still, the amount is small compared to its total daily output, and the cut will be helped by the start of maintenance season. Together, OPEC and the 11 non-OPEC producers that signed up for […]