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OPEC mulls excluding Russia from oil-production deal

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© Reuters. FILE PHOTO – The OPEC logo pictured in Algiers (Algeria), September 28 2016. REUTERS/Ramzi Boudina

(Reuters) – Some OPEC members may consider suspending Russia from an oil production agreement because Western sanctions have hampered the country’s ability produce more. This was reported by the Wall Street Journal on Tuesday.

Russia may be exempted, which could open the door for Saudi Arabia and the United Arab Emirates to continue producing more in order to achieve their production targets.

The Russian invasion of Ukraine has seen oil prices rise to $100/barrel. Other countries such as the United States are calling for an increase to production in order to reduce prices.

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