Russia is estimated to have increased its crude oil production by 0.2 percent in February compared to January, but it is still likely more than 130,000 barrels per day (bpd) below its quota per the OPEC+ agreement, according to Bloomberg estimates of Russian production data. February was the third consecutive month in which Russia did not pump to its quota under the OPEC+ deal, after it started lagging in output levels in December 2021, for the first time since the April 2020 pact that put an end to a month-long price war with Saudi Arabia when COVID crippled global demand. Russia’s difficulties in producing to its quota add to the already very tight oil market, which has seen prices soaring above $110 a barrel after Russia invaded Ukraine and traders and buyers started shunning Russian cargos , even if Russia’s crude is not subject to sanctions currently. Russia doesn’t […]