Some OPEC members are considering suspending russia's participation in the Organization for Petroleum Production agreement, as Western sanctions and partial bans in Europe undermine russia's ability to increase oil production, reports wsj.com.
"Releasing russia from its oil production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries (OPEC) to pump much more oil," the statement said.
The United States and European countries have called for this, as the invasion of Ukraine has raised oil prices to more than $ 100 a barrel.
Russia may lose about $ 10 billion a year due to the EU embargo on russian oil supplies. About two-thirds of russia's imports come from restricted maritime supplies.