According to Reuters, Russia’s crude oil and condensate production declined marginally in March compared to February, citing sources familiar with the data. Russia reportedly produced 11.01 million barrels per day (bpd) of petroleum and condensate in March, down from 11.08 million bpd in February.

In its stated output numbers, Russia does not distinguish between crude oil and condensate production. After years of dispute inside the OPEC+ group, Russia has been granted an exception from the production limit deal for its condensate output. Russian condensate production is estimated to be between 800,000 and 900,000 bpd.

While Russian output did not fall significantly between February and March, Western purchasers continued to avoid Russian oil cargoes, and many believe it will only be a matter of time before at least some of their supply is removed from the market.

According to Reuters, citing sources familiar with the arrangement, Transneft has told local oil businesses that it will be capping the intake of yet-to-be-sold petroleum due to full storage.

Despite the large discount of the flagship Russian grade Urals to Dated Brent, which has recently widened to $30 per barrel, Russian companies have failed to award cargoes in spot auctions numerous times in recent weeks since no one in Europe was bidding.