The leader of the non-OPEC group of the OPEC+ pact, Russia, is showing an unprecedented commitment to the ongoing record collective production cuts by almost complying with its share of the reductions. As part of the OPEC+ deal sealed in April, Russia pledged to cut its production to 8.5 million bpd in May and June from a February 2020 baseline, or by 19 percent, from February 2020, Russian Energy Minister Alexander Novak told Interfax in an interview in April. Russia had to cut its oil production from around 11 million bpd to 8.5 million bpd—and many analysts expected that Moscow would not be able to fully comply with its share of the cuts, again. But so far in June, Russia’s crude oil production has averaged 8.549 million bpd, according to estimates by Russian news agency TASS based on official government figures. This production level between June 1 and 15 […]