The latest monthly report from the Organization of Petroleum Exporting Countries (OPEC) placed the South American nation’s output at 700,000 barrels per day (bpd) in February, according to secondary sources. State oil company PDVSA reported a nearly identical 704,000 bpd figure, down from 732,000 bpd the prior month. Russian companies take part in five joint ventures with PDVSA that currently produce around 80,000 bpd.