Oil prices took a dive late Tuesday after The Wall Street Journal reported that the Organization of Petroleum Exporting Countries is contemplating an exclusion of Russia from a previously signed agreement within the organization on a fixed limit on oil extraction.

According to analysts, excluding Russia would enable a rapid termination of the agreement, after which major oil producers such as Saudi Arabia would be able to contribute with more oil, writes AFP.

”If there is any confirmation from OPEC delegates that exempting Russia is being discussed, oil prices could fall to as low as USD 100 a barrel,” notes market analyst at VI Investment Corp Will Sungchil Yun to AFP.

Wednesday morning, oil prices have crept up again.

A barrel of European reference crude, Brent, costs USD 115.88 Wednesday morning against USD 115.60 Tuesday afternoon. US counterpart, West Texas Intermediate, trades concurrently at USD 114.92 against USD 114.67 Tuesday afternoon.

OPEC considers suspending Russia from production deal

Estonia pushes for gas embargo against Russia