Russian oil workers Russia’s Energy Minister Alexander Novak said that all Russian oil companies are on board with the 300,000-bpd cut agreed by Moscow as part of OPEC’s efforts to prop up oil prices through a production cut. Novak went on to say that they would participate voluntarily in the cut, which is not particularly significant, given that save Lukoil, all big energy companies in the country are majority-owned by the state. Given the size of the cut, this voluntary participation makes all the more sense. In October, Russia reported average daily production of 11.2 million barrels . The 300,000 bpd agreed by Novak and the oil industry, therefore, would constitute a 2.68-percent, which is not a whole lot, and that’s only if the cut refers to October production levels. As Reuters noted, Novak did not specify which monthly production level Russia will take as basis for the cut. […]