The Wall Street Journal reported Tuesday that members of the Organization of the Petroleum Exporting Countries may be able to exempt Russia from an agreement to boost oil production if oil prices remain high.
An oil pump jack is in the countryside of Qamishli.
If Russia is suspended from the monthly production goals set by the group in conjunction with other major oil- producing states, members of the group, including Saudi Arabia and a dozen other states, may be able to boost their own oil production.
Andrew Lipow said that other oil producers might increase output because they no longer have a production quota agreement.
The Journal reported that some countries in the Organization of the Petroleum Exporting Countries are preparing to increase exports this year.
The alliance of oil producers, including Russia, is expected to stick with its plan of modestly boosting production targets every month, regardless of Russia's production issues, according to a report.
Forbes reached out to the organization.
After Russia invaded Ukraine in February, oil prices jumped because of fears that the war would make it harder for Russia to produce and export oil. The European Union agreed Monday to ban all Russian oil imports that arrive via ship, and Germany hopes to end all Russian oil imports into the country this year. Since the war began, the price of West Texas Intermediate has risen from less than $70 per barrel to more than $100 per barrel.
The United States has been trying to increase production in order to reduce prices. The alliance agreed to gradually raising daily production goals, but did not react to the Russian invasion.
The Wall Street Journal reported that the Organization of the Petroleum Exporting Countries was weighing the effects of the oil-production deal on Russia.
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