Crude prices drop due to the possibility of Russia suspending the OPEC agreement

Although crude futures trading rose on Tuesday, May 31, in light of the European agreement to ban (nearly) Russian oil imports, West Texas Intermediate (WTI) eventually held more than 2%. to $115. And he had reached, during this Tuesday, 120 dollars a barrel.

The benchmark contract for Europe, the barrel of Brent, was trading practically unchanged at $121 a barrel, benefiting from Russian oil embargo by European Union countries until the end of the year – With a few notable exceptions in this collective effort – which will lead to a further depletion of the crude oil available on international markets.

Next summer, a time when oil consumption is typically soaring, and the lifting of lockdowns in China also helped boost prices.

This is until news comes out that the Organization of the Petroleum Exporting Countries (OPEC) wants to exclude Russia from the agreements signed between 13 countries in the organization and Moscow that determine the rhythms of crude production, taking into account the country’s deficit. to achieve set goals.

With the exception of Russia, OPEC countries such as Saudi Arabia or the United Arab Emirates will be able to increase their production, taking into account the consumer needs of the West and the rest of the world, According to “The Wall Street Journal”.