Due to the OPEC+ production cuts, Russia’s crude oil production in 2019 could be lower than originally planned—at 552 million tons, or 11.085 million bpd , Russia’s Energy Minister Alexander Novak said on Tuesday. According to Novak, plans for next year were for Russia’s oil production to stand at 555 million tons-556 million tons, or 11.145 million bpd-11.165 million bpd, as per S&P Global Platts calculations based on a conversion rate of 7.33 barrels to one metric ton. A lot will depend on Russia’s oil production policy after the first half of 2019, the Russian minister told reporters on Tuesday. The new OPEC+ deal, under which Russia will be cutting 228,000 bpd, is for a six-month period with an option to review in April. Russian oil companies will reduce their production by that amount during the first quarter of 2019, Novak said today, adding that he is scheduled to […]