Russia will speed up its oil production cuts this month and plans to reach its share of the OPEC/non-OPEC output reduction by end-March or early April, Russian Energy Minister Alexander Novak said on Monday. There is an understanding that Russia will reach higher compliance levels in March, Novak said, as carried by Russian news agency TASS. At the end of March-early April, Russia will have reached the planned reduction, 228,000 bpd, Novak added. 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. Moscow, however, has repeatedly said that due to weather and geological conditions in the cold Russian winter, it cannot cut its oil production too quickly. In mid-January, Khalid al-Falih, the energy minister of Saudi […]