Russia continued extracting oil at a post-Soviet record high of 10.78 million barrels per day (bpd) in November despite low oil prices, Energy Ministry data showed on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC) is scheduled to hold a policy-setting meeting on Friday amid a market glut that has seen crude prices fall to around $45 per barrel from $115 in June 2014. Non-member Russia has refused to send a delegation for usual consultations before the meeting as it is been skeptical about OPEC’s willingness to cut oil output in order to bolster prices. The statistics showed that Russia’s record-high output level of 10.78 bpd, reached in October, was maintained in November helped by small producers Novatek and Bashneft. Russian oil producers are drilling more, showing […]