(Reuters) – Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported on Tuesday, citing OPEC delegates.
Exempting Russia could pave the way for Saudi Arabia, the United Arab Emirates and other OPEC members to produce more to meet the production targets.
Oil prices have soared to above $100 a barrel since the Russian invasion of Ukraine and countries including the United States have urged a hike in production to bring prices down.
Source : Reuters