Extreme Winter Stopped Russia From Benefiting From Higher OPEC+ Quota

Extreme winter weather in Russia, at least more extreme than usual for Siberia, resulted in lower Russian oil production so far in February compared to January and lower than the country’s increased quota under the OPEC+ deal, Bloomberg reported on Friday, quoting data from the energy ministry it had seen. Under the latest compromise OPEC+ agreement from January, Russia is boosting its oil production by 65,000 bpd in each in February and March. Together with Kazakhstan, Russia was the only OPEC+ producer allowed to increase its output, while…