For yet another month, Russia is producing above its quota under the production cut deal, potentially complicating next week’s OPEC+ meeting set to discuss how to proceed with the pact. According to production data from Russia’s energy ministry seen and converted into barrels by Bloomberg , Russia pumped 11.244 million bpd between November 1 and 26, exceeding its quota by 54,000 bpd. Russia, as leader of the non-OPEC group of producers of the OPEC+ deal, is taking the lion’s share of non-OPEC cuts and has committed to keeping its production at or below 11.191 million bpd , down by 230,000 bpd from the 11.421 million bpd reference production level from October 2018. But it has failed repeatedly to do that. If Russia doesn’t sharply cut production for the rest of this month, November will be the eighth month this year that Moscow hasn’t fully complied with the deal. According […]