Oil output in Russia is expected to rise to a new post-Soviet high in 2016 despite a steep decline in prices as new fields come online and producers enjoy lower costs, according to a Reuters poll of consultancies and brokerages. The production increase in the world’s biggest producer of crude will contribute to a global oil supply glut and exert continued downward pressure on oil prices which are at an 11-year low near $36 per barrel, having fallen almost 70 percent in the past 18 months. Russia has been pumping out an average 10.72 million barrels per day in so far in January-November, a rise of around 1.3 percent compared to 2014 thanks to small producers cranking up production and an increase in the output of gas condensate. Analysts expect production to rise by 0.56 percent to 10.78 million barrels per day in 2016, its highest annual average since […]