Russia Hikes Output But Misses OPEC+ Quota for Third Month
- Crude oil, condensate production was 11.055m b/d in February
- Crude-only output could be some 132,000 b/d below quota
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Russia increased its oil production in February, yet likely pumped below its OPEC+ quota for a third consecutive month, constrained by a lack of spare capacity.
The country’s inability to meet its output target adds further pressure to an already tight market, with crude surging to the highest since 2014, in the wake of Russia’s invasion of Ukraine.