Some members of the energy alliance OPEC+ 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 non-OPEC leader Russia, a major player in global energy markets, faces a barrage of Western sanctions and a partial oil ban from the European Union in the wake of the onslaught in Ukraine.
OPEC delegates are reportedly concerned about the growing economic pressure on Russia and its ability to pump more crude to cool soaring prices.
CNBC has contacted a spokesperson for Russia’s energy ministry and OPEC for comment.
OPEC and non-OPEC countries are scheduled to discuss the next phase of production policy on Thursday.
Oil prices on Tuesday turned negative on the news.
International benchmark Brent crude futures rebounded on Wednesday morning, trading up 1.3% at $117.14 a barrel. U.S. West Texas Intermediate futures rose 1.4% to trade at $116.35 during mid-morning deals in London.
Read the full WSJ article here.