Due to the OPEC+ production cut deal, Russia’s oil production could decline by 15 percent annually in 2020, Russian Energy Minister Alexander Novak told news agency Interfax in an interview published on Wednesday. This year, Russia’s production of crude oil and condensate could be between 480 million tons and 500 million tons – or between 9.6 million bpd and 10 million bpd, in case of 100-percent compliance with the new OPEC+ agreement , Novak told Interfax. As per Reuters estimates, a drop in 2020 production would be the first decline in Russia’s oil output since 2008. Crude oil and condensate production in Russia hit a record high for the post-Soviet era in 2019, despite Moscow’s pivotal role in the OPEC+ cuts. Russia pumped 11.25 million bpd of crude oil and condensate in 2019—up from 11.16 million bpd in 2018, which was the previous production record in Russia’s post-Soviet era. […]