The Organization of Petroleum Exporting (OPEC) meets in Vienna Thursday, Dec. 6.
OPEC will be focusing on stabilizing global oil markets. Last month, crude oil fell 22%. LPL Research believes that a cut in production from OPEC and Russia is the most likely outcome from the meeting. President Trump has advocated for a large cut of oil barrels and lower oil prices, which could add to global tensions.
LPL believes that the barrel cut will come in around 1.3 million, and the lowest amount of barrels cut would be around one million.
"The OPEC meeting is important, but the bigger question for investors is whether the drop in oil could be signaling a global recession as demand dries up. "We don't think this is an indication of slower economic growth-this is all about excess supply," according to LPL Chief Investment Strategist John Lynch.
The United States is currently the top producer of oil in the world. It currently produces more oil than Saudi Arabia and Russia.