Russian crude oil output is falling: Russian crude oil production dropped -56,000 barrels in February, to 9.18 million barrels per day in February, the lowest since August. This marks the 3rd consecutive monthly decline with a total drop of -200,000 barrels per day. Production is now running -390,000 barrels per day below what Russia is "allowed" to produce under its OPEC+ agreement. Meanwhile, India has already resumed buying Russian oil after the White House issued a temporary 30-day sanctions waiver, following weeks of reduced purchases under US pressure. Brace for more volatility in the oil market.(The Kobeissi Letter)