Russia’s oil output dipped in November, preliminary data from Russia’s federal state budgetary organization CDU TEK over the weekend, days before the OPEC summit scheduled for December 6 that will serve as a forum for discuss another oil production cut. The November data showed Russia’s oil production had fallen to 11.369 million barrels per day, including condensates, an almost half a percentage decline from the record highs Russia kicked out in October of 11.41 million bpd. Production had previously been steadily increasing for months as Saudi Arabia and Russia attempted to lift production to make up for Iranian losses that most expected from the U.S. Sanctions. The cuts come after Russia’s energy ministry was reported as discussing potential oil production cuts with local producers to come up with a position on the oil production cuts before the December meeting scheduled for this weekend. However, the slip in production for […]