Russia continued to gradually reduce oil production in March, but it missed its production cut target under the OPEC+ deal, data from Russia’s Energy Ministry showed on Tuesday. As at the end of March, Russia cut its oil production by 225,000 bpd compared to October, excluding output from production sharing agreements (PSAs), while production was reduced by 190,000 bpd from October levels, if PSAs are taken into account, Russian Energy Minister Alexander Novak said in a statement carried by the Energy Ministry. As part of the OPEC+ production cuts between January and June, Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from October’s post-Soviet record level of 11.421 million bpd, to 11.191 million bpd. Russian production in March stood at 11.298 million bpd, according to energy ministry data in tons, calculated in million bpd by Reuters using a 7.33 […]