While the oil market is awaiting what Saudi Arabia and Russia—the leaders of the OPEC and non-OPEC producers part of the production cut deal—will decide on the future of the pact, Russia’s Energy Minister Alexander Novak was quoted as saying on Wednesday that Russia planned to increase its oil production next year, even if the global agreement is extended beyond March. “We forecast that in 2018 we will have small growth relative to the year 2017, but it will to a large extent depend on what decisions are taken on extending or not extending the [deal] with OPEC nations,” Reuters quoted Novak as telling reporters today. “We will now make our forecasts within a range of a possible increase from today’s level, if there is no [extended] deal [with OPEC],” he said. Asked if Russia would stick to its plans for small growth next year even in case of […]