A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May. Russia’s oil production between May 1 and 16 averaged 11.156 million bpd, Reuters reported on Friday, quoting two industry sources, which means that Moscow is now below its quota under the production cut deal. 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. In the first twelve days of May, Russia’s crude oil production was said to have averaged 11.16 million bpd , although the decline in production may […]