The OPEC/non-OPEC production cuts hurt Russia’s economic growth in October, Economy Minister Maxim Oreshkin said on Thursday in the first negative comment about the pact from a high-ranking Russian official. “Because of the OPEC deal we have a negative direct impact from oil production, as well as indirect effects related to low investment activity due to production limits,” Oreshkin said, just a week before OPEC and its non-OPEC allies led by Russia meet to decide on the extension of the deal. Just after the pact was extended for the first time in May, it was Oreshkin who said that the deal was working and that Russia was “ready to live forever at oil prices $40 or below.” Back then the market was not convinced that the cuts were working, but now that Brent oil prices are above $60, Russia looks hesitant to lend its support to a nine-month extension […]