Going into this meeting with Russia, OPEC is looking to cut 1.5 million BPD. This is the largest since the 08 crisis. In the short term, if Russia does not agree, we could see more downside in the oil market. Russian energy minister Alexander Novak is indicting there will not be a deal for extensive cuts. So a better buying opportunity might present itself. As I am writing this, the market appears to be pricing this in. At some point though, Russia will jump on board.
Update: Russia rejects a deal for production cuts. As expected, Oil nose dived.
