Russia exported 36.65 million barrels (5 million tons) less crude oil in the first ten months of the year, not least because of its participation in the OPEC+ pact to reduce global supply. This is what the head of Russia’s oil pipeline monopoly Transneft said in an interview with a TV channel, as quoted by TASS news agency. The cuts worked, however, raising oil prices substantially enough that Russia booked a hefty increase in the value of its oil shipped abroad. According to customs data cited by TASS, this rose by 38.6 percent to reach US$106.59 billion. Russia first agreed to cut its production alongside OPEC in late 2016, when it became clear that global oil prices would not reverse their decline without help. At the time, Russia committed to cuts amounting to 300,000 bpd from its record-high at the time output rate of over 11.2 million bpd. This […]