London, (Business News Report)|| Some members of the Organization of the Petroleum Exporting Countries (OPEC) are considering suspending Russia’s participation in the production agreement, at a time when Europe is scheduled to ban the majority of Russian crude.
The Wall Street Journal, said that the decision may open the door for Saudi Arabia, the UAE and other producers to pump more crude into the market.
Meanwhile, the OPEC+ alliance led by Moscow and Riyadh decided last month to extend the decision to cut production with a slight increase of 430,000 barrels per day.
The United States tried to persuade Saudi Arabia and the UAE in particular to pump more oil to make up for the shortage caused by the Russian invasion of Ukraine, and the subsequent ban on importing oil from Moscow.
On May 5, a committee in the US Congress approved the NOPEC bill, which aims to punish all those who ally with Russia in a way that affects the oil market or its prices, by dropping the political immunity of those countries.
The European Union has banned 90% of Russian oil imports as part of Western sanctions imposed on Moscow in response to its invasion of Ukraine.
OPEC+ has repeatedly said that the decision to cut production is not based on political reasons, but rather to restore balance to the market.
On Tuesday, crude prices topped $123, the biggest monthly gain in a decade, driven by the European decision to ban Russian oil.
The production cut pushed up fuel prices in the United States to historic levels. This prompted President Joe Biden to withdraw 60 million barrels of his country’s strategic stockpile per month.
Raising production is a strategic goal for the United States and its Western allies because it will increase financial pressures on Russia and enhance the West’s ability to abandon Russian fuel.
Russia, which is the third oil producer in the world, agreed last year, along with nine countries with the member states of the Organization of Petroleum Exporting Countries, to raise oil production, in a formation known as OPEC+, but it is expected to decrease by about 8 percent during the current year.
The 13 members of the OPEC are expected to meet with the ten non-member countries, led by Russia, on Thursday, where they are expected to agree to raise production by about 432,000 barrels per day, which is part of the plan adopted by OPEC+ to control oil prices in order to return to what it was before the outbreak of the COVID-19 pandemic.