Russia keeps increasing its oil production

Alexei Nikolskyi/RIA Novosti/Kremlin/Reuters Goldman Sachs’ commodity analysts are a merciless bunch. Just the other day they warned that if OPEC fails to agree on a freeze, crude oil prices will dive back to US$40, adding that even if the agreement was reached, non-OPEC producers would continually ramp up their production, rendering any deal ineffective. Now, the same analysts have released a report saying that Russia’s oil output will hit 11.7 million bpd in 2017, an upward revision of a p...