Russian crude production fell to its lowest level since August 2023, averaging 9.184 million barrels per day in February, according to OPEC data. The decline marks the third consecutive monthly drop, with output down 56,000 barrels per day from January and 390,000 barrels below Russia's OPEC+ quota.

US sanctions and Ukrainian drone strikes on refineries have pressured Russian production. Millions of barrels sat idle on tankers as Western buyers withdrew, while attacks disrupted operations at major processing facilities. The conflict in the Middle East has created an unexpected dynamic - while the Strait of Hormuz closure hurt some producers, it may benefit Russia's March output.

India resumed Russian oil purchases after the US issued a 30-day waiver, with refiners like Indian Oil Corp. and Reliance Industries Ltd. acquiring about 30 million barrels. The waiver and potential further sanctions relief could help Russia stabilize production as refineries recover from drone damage and prepare for increased agricultural fuel demand.