Russia may be cheating on its own pledge to slash oil production

• Russia continues to export and produce huge volumes of crude oil, despite previously saying it would slash production.
• Global energy demand is slowing as recession concerns mount, and the additional oil supply is weighing on prices.
• West Texas Intermediate futures dropped below $70 a barrel this week for the first time since March.

Russia is exporting higher-than-expected volumes of oil, and that's left traders thinking Moscow could be cheating on its own pledge to slash production, according to a Wall Street Journal report. 

That additional supply is weighing on oil prices, which are also under pressure from fears about a recession and doubts about a rebound in Chinese demand.