OPEC Reportedly Discusses Exempting Russia From Oil Targets—Possibly Setting Stage For Boost In Output

Topline Members of the Organization of the Petroleum Exporting Countries may exempt Russia from an agreement to gradually boost oil production, the Wall Street Journal reported Tuesday, possibly freeing other oil-producing countries to increase their exports as oil prices remain high and Russia faces restrictions on exports. An oil pump jack in the countryside of Syria’s northeastern city of Qamishli on October 26, 2019. AFP via Getty Images Key Facts If OPEC suspends Russia from the monthly production goals set by the group in conjunction with other major oil-producing states, members of OPEC—including Saudi Arabia and a dozen other states—may be able to boost their own oil production to make up for Russia, according to the Journal, which cited OPEC delegates. Petroleum consultant Andrew Lipow told Reuters other oil producers might react to Russia’s suspension by increasing output because “they would feel that they no longer have a production quota agreement that needs to recognize Russia’s interest.” The Journal reported OPEC isn’t explicitly moving tow… Click below to read the full story from Forbes
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