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FX.co ★ OPEC mulls excluding Russia from oil-production deal

OPEC mulls excluding Russia from oil-production deal

OPEC mulls excluding Russia from oil-production deal

Due to recent events, Russia continues to be excluded from various unions, communities, and international organizations. OPEC could be another organization to suspend Russia's participation.

In the near term, the Russian media can publish a lot of unflattering information about OPEC. The reason for this could be the initiative of several OPEC members to suspend Russia's participation in the oil production deal. A number of OPEC member states are discussing the idea against the backdrop of anti-Russian sanctions and the approval of a partial embargo on Russian oil imports by the European Union. They believe that "Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more oil".

Meanwhile, OPEC+ is set to approve a 430,000 bpd increase in oil production for July at its next meeting on June 2. Members of the delegation pointed out that global oil supply and demand levels were stable. There have been no major disruptions in Russian exports so far. So, no urgent action is required from the alliance.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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