Russia was close to complying 100 percent with its oil production quota under the OPEC+ deal in May, Russian Deputy Prime Minister Alexander Novak said on Friday. “It will be better than in April. Close to 100%,” Novak told reporters on the sidelines of an economic forum in Russia, as quoted by the TASS news agency. Russia, the key ally of Saudi Arabia in the OPEC+ oil production agreement, has regularly failed to comply with its quota under the deal. It was estimated to have achieved just a 91 percent compliance rate in April. In May, Russia’s production of crude oil and condensate rose by 11.2 percent year over year to 44.21 million tons, or around 10.45 million barrels per day (bpd), according to official data quoted by Interfax earlier this week. A week before the OPEC+ meeting reaffirmed on Tuesday plans to ease the total production cuts by […]