Russia would be able to raise its oil output back to pre-cut levels within months if there is a decision to unwind the price-protection deal with OPEC and other producers, a Russian energy ministry official said. Moscow agreed to cut Russian output by 300,000 barrels per day (bpd) from a 30-year high of 11.247 million bpd in October 2016 as part of a deal to tighten the market and lift prices from less than $30 a barrel, their lowest in more than a decade. This global deal is valid until the end of 2018 and is due to be reviewed by the Organization of the Petroleum Exporting Countries and non-OPEC countries in June 22-23 in Vienna. Russia and OPEC leader Saudi Arabia have talked of a gradual increase in output as the goal of removing excessive oil stockpiles has been achieved and the market is […]