OPEC data shows Russia's February crude oil production slightly declined

The OPEC monthly report shows that Russia’s crude oil production in February slightly decreased by about 56,000 barrels per day compared to January, reaching 9.184 million barrels per day, a decline of about 0.6%. Despite facing Western sanctions and a temporary drop in crude oil exports to India under U.S. pressure, Russia has largely maintained stable oil production. Since February, after Washington granted Indian refiners a 30-day sanction waiver, allowing them to purchase Russian crude oil loaded from March 5, Russia’s oil sales to India have begun to recover. Russia is the world’s third-largest oil producer, following the U.S. and Saudi Arabia, and also has the largest natural gas reserves globally. OPEC’s monthly report also stated that due to the gradual recovery of production at the Tengiz oil field, Kazakhstan’s crude oil output increased by 293,000 barrels per day last month, reaching 1.489 million barrels per day, reversing the downward trend from January.