(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.
(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.
Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: