Russia’s crude oil production fell to 8.6 million barrels per day (bpd) in February 2026, down from 9.3 million bpd in January, according to the International Energy Agency (IEA). Crude exports dropped by 410,000 bpd, while oil and fuel revenues slid to $9.51 billion, the lowest since the war began.
The IEA’s latest data highlights a sharp decline in Russia’s oil output and revenues in February, reflecting tightening sanctions and weaker global demand. The fall marks one of the steepest monthly drops since the Ukraine conflict, raising concerns about Moscow’s fiscal resilience.
Production Decline
Russia’s crude production slipped to 8.6 million bpd in February, compared to 9.3 million bpd in January. The reduction underscores the impact of sanctions and logistical challenges on Russia’s energy sector.
Export And Revenue Impact
Crude exports fell by 410,000 bpd to 4.2 million bpd. Oil and fuel export revenues dropped to $9.51 billion from $10.98 billion in January, marking the lowest level since the start of the Ukraine conflict.
Market Takeaways
Russia’s crude production fell to 8.6 million bpd in February
Exports declined by 410,000 bpd to 4.2 million bpd
Oil and fuel revenues dropped to $9.51 billion
Lowest revenue since Ukraine conflict began
Sanctions and demand pressures weigh on energy sector
Future Outlook
Analysts expect Russia’s oil sector to remain under pressure as sanctions tighten and global markets adjust to alternative supply chains. The revenue decline could strain Moscow’s budget, increasing reliance on domestic measures to stabilize its economy.
Sources: Reuters, IEA, Financial Times, Economic Times