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Several important energy storylines are brewing as Hedgeye Energy Policy sector head Joe McMonigle reports in from Riyadh, Saudi Arabia, ahead of this week’s OPEC meetings.

With U.S. oil production nearing record highs, OPEC finds itself in unfamiliar territory on the world stage.

Add to the mix new threats from Russia’s energy minister that Russia may exit OPEC’s production cut agreement.

The oil industry could be in for an interesting ride in the near future.

Watch the video above for Joe’s full report.

McMonigle: An OPEC Meeting Preview from Saudi Arabia - early look