The World Bank reduced its economic growth outlook for Russia for this year because of lower crude oil production, the institution said in a new report on the economy of Europe and Central Asia. According to the World Bank, Russia’s gross domestic product will only grow by 1.2 percent, which is a downward revision from a previous 1.5 percent, Reuters notes in a report on the data. In 2020, GDP growth should rebound to 1.8 percent and this rate of growth will remain unchanged in 2021 as well, the World Bank said. Russia agreed to cut about 300,000 bpd as part of its agreement with OPEC reached at the end of last year. Yet it was only recently that it reached full compliance with this production quota, after a large-scale contamination of the crude oil flow via the 1-million-bpd Druzhba pipeline that sends Russian crude to Europe. According to […]