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."

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WTI crude oil has quickly fallen through $115 with a low of $114.20 so far.

oil chart

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.