Russia plans to use its post-Soviet era record high November oil production as its baseline when it cuts output under this week’s deal with OPEC, Deputy Energy Minister Kirill Molodtsov said on Friday. Russia has promised to gradually cut output by up to 300,000 barrels per day (bpd) in the first half of 2017 as part of a deal with other producers aimed at supporting oil prices. Its daily oil production rose to an average of 11.21 million bpd in November, a new post-Soviet era high, energy ministry data showed on Friday. That was 500,000 bpd higher than in August, the month before Russia and OPEC reached a preliminary agreement in Algiers to cut production. Under […]