Russian oil production continues to trend lower in May as exports via the Druzhba oil pipeline have been restricted due to a contamination issue, helping Russia to finally fall in line with the OPEC+ production cuts. Russia’s oil production averaged 11.126 million bpd between May 1 and 26, two industry sources told Reuters on Monday. This compares to average production of 11.147 million bpd between May 1 and 21, according to the sources. This month through May 26, exports of Russian oil via the pipelines of operator Transneft, including the Druzhba pipeline, were down 6 percent compared to April, the sources told Reuters. Between May 1 and 16, Russia’s oil production is said to have averaged 11.156 million bpd , which means that Moscow was finally below its quota under the production cut deal. As part of the OPEC+ production cuts between January and June, Russia is taking the […]