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OPEC may exempt Russia from oil output quotas

Bangladesh Beyond
  • Updated on Thursday, June 2, 2022
  • 132 Impressed

OPEC may exempt Russia from oil output quotas

 

Dhaka June 02 2022 (RT) :

 

The move would relieve pressure on Moscow amid Western sanctions, according to the Wall Street Journal.

Talks about excluding Russia have been accelerated after the EU agreed on Monday to cut 90% of oil imports from Russia by the end of the year.

If Moscow is exempted, other exporters such as Saudi Arabia would be increasing output even more to make up for the Russian shortfall.

“The suspension of Russia from OPEC Plus could be a precursor to Saudi Arabia and the United Arab Emirates utilizing their spare production capacity, because they would feel that they no longer have a production quota agreement that needs to recognize Russia’s interest,” Andrew Lipow of Lipow Oil Associates in Houston told Reuters.

OPEC and allies led by Russia, collectively known as OPEC+, have been relaxing record output cuts in place since the Covid-19 pandemic. Under a deal reached in July last year, the group was set to increase production targets by 432,000 barrels per day every month until the end of September.

Oil prices slipped following the report, but rebounded on Wednesday, with international benchmark Brent trading 1.47% higher at $117.30 a barrel as of 16:25 GMT. US crude benchmark WTI rose 1.37% to $116.24 a barrel.

 

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