OPEC considering suspending Russia from oil production deal
- OPEC's 13 members and ten non-OPEC producers, led by Russia, will meet on Thursday
Several members of the OPEC+ energy alliance are considering suspending Russia from an oil output agreement, WSJ reported.
OPEC members are allegedly concerned about Russia's capacity to pump additional petroleum to calm skyrocketing prices due to increasing economic pressure.
The news comes after the EU's 27-nation union has agreed on a partial ban on Russian oil imports due to Moscow’s invasion of Ukraine.
Last year, Russia, one of the world's three major oil producers, agreed to pump more petroleum each month with OPEC and nine non-OPEC countries, but its output is now anticipated to plummet by around 8% this year.
The 13 members of OPEC and ten non-OPEC producers, led by Russia, are scheduled to meet on Thursday to accept a projected increase of 432,000 barrels per day.
So far, there has been no formal pressure for OPEC to pump additional oil to compensate for any prospective Russian deficit, but delegates claimed that several members in the Persian Gulf have begun preparing for an output increase in the coming months, WSJ reported.
Picture Credits: Reuters
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