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Hang on let me check...
In reality it's not so much "what they do" as it is "what they do versus expectations".
Saying that I'm not really sure expectations are this time around.
It is almost certain that they will not cut production. Oil has been trending higher lately, would not be surprised if the OPEC meeting has no effect on pricing for now if there are no new developments (they keep production where it's at).
This is a piece I wrote just over a year ago. It explains in my view what OPEC tried to do by not cutting production. Seems their strategy has been working, even though some OPEC members themselves are starting to suffer.
"OPEC on Wednesday predicted global demand for its crude oil will be less than previously thought in 2016 as consumption slows down, increasing the excess supply on the market this year.
The monthly report from the Organization of the Petroleum Exporting Countries lowered its forecast of world oil demand growth by 50,000 barrels per day (bpd) and said further downward revisions could follow.
OPEC pumped 32.25 million bpd in March, the group said citing secondary sources, up about 15,000 bpd from February.
The report points to a 790,000-bpd excess supply in 2016 if the group keeps pumping at March's rate, up from 760,000 bpd implied in last month's report."
"Reports from Qatar's capital Doha, say the problem is tension between Saudi Arabia and Iran.
The agenda for the meeting is whether to freeze production levels.
Iran has consistently refused to take such steps but Saudi officials have at times appeared willing to take such action only if Iran were to as well.
The meeting is a response to the fall in prices which began in June 2014. The price is now less than half what it was then, though in the last few weeks it has risen from its lowest levels. "
A summit in Doha between the world's largest oil producing countries ended without an agreement on Sunday, as country leaders failed to strike a deal to freeze output and boost sagging crude prices.
Amid strains between regional rivals Saudi Arabia and Iran, nearly 20 of the world's largest oil exporters could not find enough common ground to hold the line on output after marathon talks. The dynamic has sent the world's oil supply surging and prices plummeting. A day ago, the conference's outcome was thrown into doubt after Iran made a last minute decision not to attend.
