OPEC+ technical meeting did not discuss Russia suspension, sources say

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, meet on Thursday to set oil output policy and are expected to confirm a previously agreed increase in oil production. Russian Foreign Minister Sergei Lavrov, in Saudi Arabia on the latest leg of a visit to the Middle East, said on Wednesday that cooperation through OPEC+ remained relevant for Russia.

An OPEC+ technical meeting on Wednesday did not discuss the idea of suspending Russia from an oil supply deal, four OPEC+ sources told Reuters before Thursday's talks that are expected to confirm an existing plan to lift oil output modestly.

The Wall Street Journal reported on Tuesday that some OPEC members were considering an idea to suspend Russia from the deal, as Western sanctions hurt Russia's ability to produce more. The report cited OPEC delegates. There were "no discussions on exempting Russia," one of the sources said in reference to Wednesday's meeting of the OPEC+ Joint Technical Committee, adding that there had been no such talks more generally either.

Six other OPEC+ delegates said the idea was not being discussed by the group. Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, meet on Thursday to set oil output policy and are expected to confirm a previously agreed increase in oil production.

Russian Foreign Minister Sergei Lavrov, in Saudi Arabia on the latest leg of a visit to the Middle East, said on Wednesday that cooperation through OPEC+ remained relevant for Russia. On Tuesday, Lavrov had met Saudi counterpart Prince Faisal bin Farhan Al Saud and they both praised the level of cooperation inside OPEC+, the Russian foreign ministry said.