The WSJ reports that some OPEC members are considering suspending Russia from OPEC+ and using that to push for an increase in quotas.
- Some OPEC members are exploring the idea of suspending Russia’s participation
- Suspending Russia would pave the way for Saudis and UAE to pump more
- “Some members in the Persian Gulf have begun planning for an output increase sometime in the next few months, delegates said.”
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WTI crude oil has quickly fallen through $115 with a low of $114.20 so far.
The headlines on this story are more-aggressive than the content, which is thin. It’s questionable how much spare capacity is out there and the timing of this — two days before the OPEC meeting — appears designed to create some tension. The story notes that the US and Europe have pressed OPEC allies to pump more.
This article was originally published by Forexlive.com. Read the original article here.