Russia’s oil output may decline next year due to a global reduction pact, Energy Minister Alexander Novak said on Tuesday, possibly halting an uninterrupted decade-long run of growth. Smoke billows from a fire at oil refinery, owned by Russian oil producer Gazprom Neft, in Moscow, Russia, November 17, 2018. REUTERS/Tatyana Makeyeva The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed this month to resume cutting output as oil prices have plunged to less than $60 from more than $80 per barrel in October in a blow to many oil-producing countries’ coffers. Russia has pledged to cut its production by 228,000 barrels per day (bpd) from a record-high monthly average of 11.41 million bpd. Novak said this reduction will be achieved during the first quarter as production has exceeded 11.42 million bpd in December so far. Novak, speaking at […]