OPEC may kick Russia out after EU’s partial embargo — WSJ

1 June, 01:51 PM
Russian oil (Photo:energyintel.com)

Russian oil (Photo:energyintel.com)

Some countries representing the Organization of the Petroleum Exporting Countries (OPEC) are considering suspending Russia, U.S. financial news outlet The Wall Street Journal reported on May 31.

The publication notes that some OPEC member states are concerned that sanctions and a ban on oil imports into the EU "will undercut Russia's ability to pump more." Already this year, Moscow’s production may reduce by at least 8%.

If Russia is excluded from OPEC, other countries, including Saudi Arabia and the UAE, will be able to increase production, which is what the European Union and the United States are asking them to do.

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It is unknown at this time whether Russia will agree to leave the organization.

Earlier, President of Ukraine Volodymyr Zelensky said that the sixth EU sanctions package against Russia has already been agreed and mentioned the key areas targeted.

"European countries have agreed to significantly restrict oil imports from Russia,” he explained.

“And I am grateful to everyone who worked to reach this agreement. The practical outcome is minus tens of billions of euros, which Russia will now be unable to use to finance terror.”

News agency Reuters, which saw a draft of the sanctions package, said on May 30 that it could include a ban on oil imports by sea, while sanctions against oil pipelines to landlocked Hungary, Slovakia and Czechia would be imposed later.

European Council President Charles Michel has said that the sixth package of sanctions against Russia will be approved on June 1-2.

Russia's war against Ukraine is in its fourth month. 

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