Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday. In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33. The fall in Russian output mirrored a drop in production from the Organization of the Petroleum Exporting Countries (OPEC), which according to a Reuters survey fell in November from a two-year high. Major oil producers inside OPEC and beyond the organization are concerned about a possible glut of oil driving down prices, and are exploring the possibility of reining in output. Brent crude fell below $59 a barrel this week from as high as $85 in October. Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC […]