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OPEC may consider temporarily excluding Russia from the oil production agreement

 Last Update: 2023-02-20
 Source: Internet
 Author: User

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Foreign news on May 31, the Wall Street Journal reported on Tuesday, citing the representative of the Organization of the Petroleum Exporting Countries (OPEC), that some OPEC members are considering temporarily excluding Russia from the oil production agreement, because Western sanctions have hit Russia's ability
to increase production.

Excluding Russia could pave the way
for Saudi Arabia, the United Arab Emirates and other OPEC members to increase output to meet production targets.

Oil prices have soared above $100 a barrel since Russia's special military operation in Ukraine, and countries, including the United States, have urged increased oil production to lower oil prices
.

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