According to the Wall Street Journal, some members of the Organization of Petroleum Exporting Countries (Opec) are considering suspending Russia from an oil output agreement because western sanctions are limiting the country's ability to produce more.
Exempting Russia could allow Saudi Arabia, the United Arab Emirates, and other Opec members to increase output in order to reach the targets.
Oil prices have surged beyond $100 per barrel since Russia's invasion of Ukraine, prompting countries such as the United States to ask for an increase in output to bring prices down.
Last year, Russia, one of the world's three largest oil producers, agreed to pump more oil each month with Opec and nine non-Opec countries, but its output is expected to drop by approximately 8% this year.
According to the publication, it was unclear whether Russia would agree to a waiver from the deal's production targets.
Other Opec members may be able to pump more in order to counteract rising oil prices, which have topped $120 per barrel this week, if Russia is removed from the monthly supply quota system.
US Vice President Joe Biden plans a trip to Riyadh in an attempt to repair frayed diplomatic ties.
previously, Russia halted natural gas supplies to Finland, Poland and Bulgaria for refusing for the same reason. And the tap was turned off to the Holland on Tuesday. Orsted the Denmark energy company said it still expected to be able to serve its customers.
“The condition pins the need of the European Union becoming independent of Russian gas by speeding the build-out of renewable energy.”
out the technical aspect of the oil market have pressed the group to revise its forecast for oil demand downward amid rising prices, OPEC delegates said. If OPEC sees demand faltering, it would make it harder for the group to increase production, the delegates said.
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