Some members of the OPEC + energy alliance are considering whether to suspend Russia from an oil production deal, The Wall Street Journal reported on Tuesday, citing unnamed OPEC delegates.
This comes at a time when Russia, a non-OPEC leader, a major player in world energy markets, is facing a barrage of Western sanctions and a partial ban on EU oil in the wake of the attack. in Ukraine.
OPEC delegates were reportedly concerned about growing economic pressure on Russia and its ability to pump crude more to cool rising prices.
CNBC has contacted a spokesman for the Russian Ministry of Energy and OPEC to comment.
OPEC and non-OPEC countries are expected to discuss the next phase of production policy on Thursday.
The price of oil on Tuesday turned negative in the news.
International benchmark Brent crude futures rebounded Wednesday morning and rose 1.3% to $ 117.14 a barrel. U.S. West Texas Intermediate futures rose 1.4% to $ 116.35 during mid-morning deals in London.
Read the full WSJ article here.