Russia’s oil production inched down to 11.23 million barrels per day (bpd) in the first half of October, official Russian data showed on Wednesday, yet Moscow is still several thousand barrels above its quota under the OPEC+ production cut deal. In the first two weeks of October, Russia’s production dropped by 19,700 bpd from September, to average 11.23 million bpd, which is still above Russia’s production ceiling of 11.191 million bpd in the OPEC+ deal. Moscow’s compliance rate with its share of the cuts is nearly 84 percent so far this month, news agency TASS has estimated. Russia is taking the lion’s share of the non-OPEC cuts under the agreement, vowing to reduce production by 230,000 bpd from a very high level of 11.421 million bpd it pumped in October last year. The leader and the largest non-OPEC producer in the pact saw its oil production edge down in […]