Russia produced an average of 9.93 million bpd of crude oil and condensates last month, a little above its OPEC+ quota but still down 11.8 percent on the year, Interfax reported today , citing data from the Energy Ministry. Production of oil and condensates over the first nine months of the year averaged 10.35 million bpd, down by 7.8 percent on the respective period of 2019. Earlier this year, Russia’s oil production fell by a double-digit rate for the first time in more than two decades as a result of the OPEC+ agreement. Later, however, as the extended oil cartel relaxed the cuts, it began climbing again. Even with rising production—and exports—concern remains about demand even in Russia. Last week, Energy Minister Alexander Novak told a meeting of G20 energy ministers that all players on the global energy market need to act together to tackle the effects of the […]