Citi’s Morse: Oil in $70 Range a Fair Value by Year End Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Petroleum Exporting Countries, the Wall Street Journal reported . Such a move would have major ramifications for global oil supply. Russia is one of the world’s top three crude producers — along with Saudi Arabia and the US — but it’s struggling to maintain output and exports in the face of increasing sanctions. By removing Russia from the monthly supply quota system, it could give other OPEC+ members, particularly the Saudis and United Arab Emirates, scope to pump more to stem surging oil prices that topped $120 a barrel this week. It also comes as US President Joe Biden mulls a visit to Riyadh to try and repair frayed diplomatic relations. Here’s what analysts had to say about the […]