The Russian oil industry is losing momentum. In February, average daily production was 390,000 barrels below the OPEC+ quota. According to the cartel’s monthly report, output has declined for the third month in a row amid tightening sanctions and waning demand from key buyers.
Production Lows
Last month, Russian companies produced an average of 9.184 million barrels per day. This is 56,000 barrels less than in January and marks the lowest level since last August. The last production peak was recorded in November (9.38 million barrels), followed by a steady decline.
The Sanctions Noose and the Indian Factor
Experts attribute the downturn to increased Western pressure and reduced purchases by India, which continues to demand record discounts. Even temporary waivers from the Trump administration have failed to reverse the production slump. For Europe, this confirms that the Russian “oil machine” is wearing down: the lack of access to Western well-service technologies and freight complications make maintaining previous production levels impossible.