Some OPEC members are considering suspending Russia’s participation in the oil deal that ended the OPEC + scheme last year, as Western sanctions, and in particular the European Union’s partial embargo on Russian oil, begin to affect Moscow’s ability to increase its production, as reported by the Wall Street Journal, citing representatives of OPEC.
Russia’s exclusion from the oil production targets set by OPEC members and their allies, which together form the OPEC + group, could potentially pave the way for Saudi Arabia, the United Arab Emirates and other cartel countries to increase crude production, something that the US and Europe have been pushing for a long time as the invasion of Ukraine pushed oil prices above $ 100 a barrel.
Russia, one of the world’s three largest oil producers, agreed with OPEC and nine non-OPEC countries last year to gradually increase production each month, but after a partial EU embargo and sanctions, production is now expected to increase. this year by about 8%.
The Wall Street Journal notes, however, that it has not been possible to determine whether Russia would agree to its exclusion from the production targets set out in the OPEC + agreement.
At present, OPEC has not received official pressure to further increase its production to offset a possible Russian oil deficit, but some members of the Persian Gulf cartel are already planning to increase production sometime in the coming months, according to reports. with sources cited by the Wall Street Journal.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
