Russia’s oil production increased to 11.41 million bpd in October from 11.36 million bpd in September, setting a new post-Soviet record high as the largest oil companies, Rosneft and Lukoil, raised their output according to data from Russia’s Energy Ministry. Russia’s oil production in October jumped to 48.262 million tons, the data showed on Friday, or 11.41 million bpd as per Reuters calculations. Rosneft increased oil production by 0.5 percent month on month in October to 4 million bpd, while Lukoil’s production rose by 0.3 percent from September to 1.68 million bpd in October. Russia has been raising its production since OPEC and its Russia-led non-OPEC allies agreed in June to relax compliance rates with the cuts to 100 percent from the previous over-compliance. The respective leaders of the OPEC and non-OPEC nations part of the deal—Saudi Arabia and Russia—have been interpreting the eased compliance as adding a total […]