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 – bar Nigeria and Libya – and 11 non-OPEC producers agreed last November to take 1.8 million barrels from daily global supply. However, these efforts have proved challenging, with global supplies actually rising during the first quarter of the year, despite hopes for the opposite and surprisingly high compliance. As Oil & Gas 360 noted in March, prior to the agreement, […]