Russia’s crude oil production averaged 11.16 million bpd in the first twelve days of May, Reuters reported on Monday, citing two industry sources, which means that Moscow is finally within its cap under the OPEC+ deal, although the decline in production may have been the result of restricted exports via the Druzhba oil pipeline due to a contamination issue. As part of the OPEC+ production cuts between January and June, Russia is taking the lion’s share of the non-OPEC cuts and pledged to reduce production by 230,000 bpd from…
