May industrial output challenged by OPEC+, end of food and paper stockpiling, and calendar effect The overall Russian industrial production saw a deepening in the drop from -6.6% YoY in April to -9.6% year-on-year in May, being on the pessimistic side of the consensus range and below our 7.0% expectations. Meanwhile, looking at the details, we do not take the overall result too negatively. • The May cut in oil production mandated by OPEC+ seems to be the main drag: the extraction of oil and gas dropped 14.3% YoY in May (vs. -1.1% YoY in April). Overall, the commodity extraction sector (accounting for around 37% of ... (full story)