OPEC’s June 22 meeting promises to be highly consequential to oil markets.

At the last OPEC meeting in November, the group extended the production cut agreement until the end of 2018, but also added language at the insistence of the Russian minister to review the need for an updated agreement at the June meeting.

Now, the Russians are arguing for an increase in oil production. "Russians want to increase production,” Senior Energy Policy analyst Joe McMonigle said recently on The Macro Show. “The Saudis are playing ball but I think their plan is to convince them that any increase should be modest and mostly symbolic. After we get through that I think Oil prices rise."

In the video above, McMonigle explains why the demise of the Iran Nuclear deal coupled with lackluster Venezuelan production could continue to impact oil prices.

**Email sales@hedgeye.com for access to Energy Policy analyst Joe McMonigle's institutional research.