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Oil group OPEC+ reportedly considering suspending Russia from deal

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Some members from the energy alliance OPEC+ may consider suspending Russia’s participation in an oil production contract. The Wall Street Journal has reported, citing unnamed OPEC delegates.

It comes as Russia, a non-OPEC leader and a key player on global energy markets is under a series of Western sanctions. a partial oil ban from the European Union in the wake of the onslaught in Ukraine.

OPEC delegates reportedly concerned about the growing economic pressure on Russia and its ability to pump more crude to cool soaring prices.

CNBC reached out for comment to a representative of Russia’s energy ministry, and OPEC.

The next phase in production policy will be discussed by OPEC as well as non-OPEC members on Thursday.

Check out the complete WSJ article here.

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