As supply-side issues weigh on oil markets, Russian oil producer Gazprom Neft said its production for the year was up more than 7 percent from 2015. The company, the fourth largest oil producer said in a summary statement its full-year production was expected to reach 650 million barrels of oil equivalent. At a time when Russia is expected to contribute to the bulk of a planned production cut next year, the company’s output would be 7.7 percent higher than 2015 if estimates are accurate. Members of the Organization of Petroleum Exporting Countries agreed to cut production by about what it expects in demand growth next year. Most of that cut depends on non-member state cooperation and relies in large part on Russia to be effective at easing the supply-side strains that dragged oil prices to below $30 per barrel in early 2016. […]