Some members of the Organization of the Petroleum Exporting Countries (OPEC) are considering the idea of suspending Russia from an oil production deal as Western sanctions hurt the country’s ability to produce more, the Wall Street Journalciting delegates from the export group.
Exempting Russia could pave the way for Saudi Arabia, United Arab Emirates and other OPEC members to pump more in order to meet production targets.
The oil prices they have soared above $100 a barrel since Russia’s invasion of Ukraine and countries such as the United States have urged production to be increased to cool the market.
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