Some OPEC members have begun planning for an output increase soon - report

The WSJ reports that some OPEC members are considering suspending Russia from OPEC+ and using that to push for an increase in quotas.

• Some OPEC members are exploring the idea of suspending Russia’s participation
• Suspending Russia would pave the way for Saudis and UAE to pump more
• "Some members in the Persian Gulf have begun planning for an output increase sometime in the next few months, delegates said."

.

WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term has quickly fallen through $115 with a low of $114.20 so far.

The headlines on this story are more-aggressive than the content, which is thin. It's questionable how much spare capacity is out there and the timing of this -- two days before the OPEC meeting -- appears designed to create some tension. The story notes that the US and Europe have pressed OPEC allies to pump more.