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Commodities

Is the world's largest crude oil producer cheating on its own reduction pledge?

OPEC report casts doubt over Russian compliance

| Middle East
A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia.   © Reuters

Benchmark Brent crude rallied to an eight-month high last week, but the OPEC/non-OPEC producers in a historic deal to curb output cannot afford to be complacent. The risks are not just from the mid-tier and smaller OPEC producers who have been consistently overshooting their quotas -- a recent OPEC report suggests that non-OPEC collaborator Russia may not be keeping its end of the bargain.

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