The Russian government is committed to cutting oil production in line with world producers but now comes the hard part: making it happen. Russian Energy Minister Alexander Novak pledged last week to cut production by up to 300,000 barrels a day by mid-2017. Russia, which pumps more crude oil than any other country, has had a spotty record with implementing production cuts in the past, pledging to reduce output and ramping up drilling instead. Things haven’t got easier since: the collapse of the Russian ruble and a tax regime that offers tax breaks and incentives for new, more complex projects have made it relatively easy for Russian companies to shield profits and keep pumping through the downturn. Major Russian producers—including the country’s two largest, PAO Lukoil and PAO Rosneft—are launching new projects late this […]