Some members of the Organization of the Petroleum Exporting Countries (OPEC) are exploring the possibility of excluding Russia from the oil deal. This was written by The Wall Street Journal, citing OPEC members.

Sanctions imposed over the invasion of Ukraine, as well as a partial ban on Russian oil imports approved by the EU, "are starting to threaten Russia's ability to produce more," sources said. The publication cites an estimate that by the end of the year, oil production in Russia will be reduced by 8%.

The exclusion of Russia from the deal and, as a result, the redistribution of quotas, the WSJ notes, will allow other producers, including Saudi Arabia and the UAE, to produce significantly more oil, which is what the US and the EU are asking them to do against the backdrop of a sharp increase in energy prices after the start of the war in Ukraine.

It is not yet clear, writes the WSJ, whether Russia itself will agree to withdraw from the oil deal.

13 OPEC countries, as well as Russia and nine other non-OPEC countries, in 2020, when oil prices fell sharply, concluded a deal under which they committed themselves to limit production in order to support prices. The term of the oil deal was extended several times, and its terms were revised, in particular, with the aim of increasing production.
The European Union announced on May 31 that it had agreed to a partial embargo on Russian oil that would not affect pipeline supplies. By the end of the year, the EU plans to reduce imports of Russian oil by at least 90%. Against this background, world oil prices reached a maximum in two months , breaking the mark of $123 per barrel of Brent.

WSJ: OPEC is considering excluding Russia from the oil deal