Here’s why the upcoming OPEC meeting will be a ‘pivotal’ moment as tensions simmer between Russia and Saudi Arabia over global oil supply

Here’s why the upcoming OPEC meeting will be a ‘pivotal’ moment as tensions simmer between Russia and Saudi Arabia over global oil supply

OPEC+ will meet on Sunday to discuss its outlook for oil production among member countries.

The meeting comes as Russia continues to pump cheap crude oil into the global market.

Tensions have risen as cheap Russian oil drives crude below a key break-even level for Saudi Arabia.

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The upcoming meeting of OPEC+ on Sunday could be a big moment for global oil production, with tensions in the cartel on the rise as Russia's steady flow of cheap crude helps keep prices down despite vows to cut production.

Sources this week told Reuters that it is unlikely that the meeting will result in fresh cuts, despite crude prices remaining under pressure even after steep reductions in output in April. However, it's possible that Saudi Arabia brings a more assertive stance to the table this weekend in response to one key supply dynamic that's disrupting the cartel's plans to push prices higher.

"The OPEC+ meeting on June 4 should be pivotal," investor Louis Nevallier wrote in a note on Friday. "[R]ussia has been pumping increasing volumes of cheap heavy crude oil onto world markets,