Technically, Russia today cannot effectively participate in the Declaration of Cooperation, according to OPEC.
OPEC is discussing the idea of suspending Russia’s participation in an oil production agreement, the WSJ reports.
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The publication recalls that Russia is not a member of OPEC, but since 2016 it has been engaging in oil production with a group that is part of the OPEC and OPEC +coalition, which controls more than half of world oil production. . The agreement with the members is called the Declaration of Cooperation, or DoC.
It was noted that the sanctions are beginning to weaken the ability of the Russian Federation to produce more oil.
An OPEC delegate told the WSJ that “we have all agreed that technically Russia cannot participate effectively in the DoC right now.”
At the same time, the organization said they had started talking about excluding Russia before the EU’s decision on the oil embargo.
If Russia is not included in the deal, Saudi Arabia, the UAE and other OPEC producers could increase production.
Production is expected to drop by almost 8% this year. Some countries have begun to plan to increase production.
Recall, on May 31, the heads of EU countries agreed on the sixth package of sanctions against the Russian Federation, under which oil imports are limited by two-thirds.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.