Russia’s crude and condensate output was again above its target level under the current OPEC+ agreement in October, totaling 47.5 million mt, equivalent to around 11.23 million b/d, according to preliminary data released Saturday by the Central Dispatching Unit of the Russian Energy Ministry. Separately, Energy Minister Alexander Novak said that output last month was 211,000 b/d below October 2018 output volumes, which are used as a baseline to assess compliance with the current OPEC+ agreement. “Under the framework of the OPEC+ agreement, in October Russia cut oil output at a level of 211,000 b/d compared to October 2018. Furthermore at the end of October the cut was at a level of 298,000 b/d,” Novak said, according to a ministry statement. Under the current OPEC+ agreement, Russia has committed to cut around 230,000 b/d from its October 2018 output of 11.42 million b/d. Russia has had mixed […]