Saudi Oil Chief Faces Toughest Test at OPEC Meeting This Week

The upcoming OPEC meeting is crucial as it may end historic output cuts that stabilized oil prices. Saudi Arabia and Russia aim to increase production to offset potential losses from Iran and Venezuela, but face opposition from other OPEC members. Saudi Arabia seeks a smooth transition without price crashes, while Iran, Venezuela, and Iraq oppose output increases. Saudi Energy Minister Khalid Al Falih, known for his role in past production cuts, faces challenges in reaching consensus. The meeting is expected to be contentious, with potential compromises on output levels.

What is the significance of the upcoming OPEC meeting mentioned in the text?

What challenges does Saudi Arabia face in increasing oil production according to the text?

What are the potential consequences of renewed U.S. sanctions on Iran and the economic crisis in Venezuela for global oil markets?

What is the expected outcome of the OPEC meeting according to investors?

How did Minister Khalid Al Falih influence OPEC's production decisions in the past?