Moscow — Russian oil production edged down by about 56,000 barrels per day, or 0.6%, in February from January to 9.184-million barrels per day (bpd), according to a copy of Opec monthly data reviewed by Reuters on Wednesday.
Russia has managed to hold its oil production broadly steady despite Western sanctions over Ukraine and as crude exports to India, its second-largest buyer after China, fell due to pressure from the US.
Since February, Russian oil sales to India have started to recover after Washington granted Indian refiners a 30-day waiver from sanctions to buy Russian oil loaded on vessels as of March 5 to offset the global oil crunch prompted by the Iran war. Reuters
Saudi Arabia boosts oil output amid Middle East tensions
London — Opec said on Wednesday that Saudi Arabia sharply increased oil production in February ahead of US and Israeli strikes on Iran and kept its forecasts for relatively strong global oil demand growth this year.
Saudi Arabia increased its oil output and exports as part of a contingency plan in case any US strike on Iran disrupts supplies from the Middle East, sources familiar with the plan had said in February.
The attack came on February 28, and the resulting conflict has disrupted oil exports, forced production stoppages, and sent prices soaring.
Opec, in a monthly report on its website, said that Saudi Arabia told Opec its oil supply to the market in February was 10.111-million barrels per day, while production was 10.882-million bpd. Saudi Arabia reported its production at 10.10-million bpd for January. Reuters
Nuro launches self-driving vehicles on Tokyo roads
New York — US-based start-up Nuro said on Wednesday its self-driving vehicles are now operating on public roads in Tokyo with safety operators present, marking the company’s first international autonomous deployment.
The Nvidia- and Uber-backed company said it did not train its system on Japanese driving data, a capability it calls “zero-shot” autonomy and a potential indication that geography-agnostic self-driving technology is within reach.
Most autonomous driving systems require extensive local data collection and location-specific tuning before operating safely in a new market, a process that can take several months. Reuters
Qatar LNG halt triggers force majeure declarations by buyers
London — Several companies that buy liquefied natural gas (LNG) from QatarEnergy as portfolio players or offtakers — including Shell, TotalEnergies, and some firms in Asia — have declared force majeure to customers they supply, three sources told Reuters on Wednesday.
Qatar, the world’s second-largest LNG exporter, announced a production halt at its 77-million tonnes per annum facility last week and declared force majeure on LNG shipments.
Shell, the world’s largest LNG trader, declined to comment. TotalEnergies did not immediately respond to Reuters’ request for comment. Reuters
Nigeria monitors Middle East tensions over economic risks
Abuja — Nigeria’s government is monitoring escalating tensions in the Middle East as it assesses potential risks to the country’s economic stability, the finance ministry said on Wednesday.
Finance minister Wale Edun convened the economic management team to review how the US-Israeli conflict with Iran could affect oil prices, capital flows, and logistics costs.
The ministry said volatility in global energy markets, including possible disruptions around the Strait of Hormuz, is already pushing up crude prices and could raise domestic costs for fuel, diesel, cooking gas, and fertiliser.
It warned that sustained instability may add pressure on inflation and living costs. Officials are tracking crude price movements, exchange rate pressures, capital flows, fiscal risks, and reserve levels.
Nigeria enters the period with strengthening fundamentals, the ministry said, citing 4.07% GDP growth in the fourth quarter of 2025. Reuters
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