Global energy leaders and experts from major oil producers began their meeting in Vienna on June 22 of this week.

The summit agenda is straightforward but daunting. Participants plan to discuss the current stability of the international oil market and reshape plans for long-term stability. The 14 members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil countries like Russia are facing new challenges from global growth in renewable energy to the recent market entry of American shale oil. OPEC's strategy thus far has been to raise oil prices by lowering output.

OPEC's current agreement allows them to produce around 40% of the world's oil, but American producers have shaken up the industry with their mass shale oil production. US shale executives were invited to the table for this meeting withdrew. While the executives blamed their withdrawal on scheduling conflicts, experts believe it might have more to do with China's recent imposition of $50 billion in tariffs on US products, including shale oil, in reaction to the US tariffs on Chinese goods.

The US shale executives who pulled out of the talks include Harold Glenn Hamm of Continental Resources (CLR  ), Mark Papa of Centennial Resource Development Inc. (CDEV  ), and Ryan Lance of ConocoPhillips (COP  ). Each of these producers rely heavily on the Chinese market for their business.

Additionally, President Trump seems to be influencing the tone of the meeting. Last week he heightened tensions by complaining about rising gas prices, which he blamed on OPEC. Recent New US sanctions against Iran and Venezuela, which analysts expect to result in these countries losing a potential 30% of their oil output in the upcoming year, have also strained relationships. Competing interests amongst the summit participants have also led to public squabbles.

"We call upon our brothers in OPEC and Russia that we do not need to appease Trump, who sanctions two OPEC founders and also Russia," said Iran's representative, Kazempour Ardebili. "We are sovereign nations driven by our own responsibilities and values. The whole world has to stand against these arrogant attitudes -- and will."

Iran, Venezuela, and Iraq are predicted to block the proposal by Saudi Arabia and Russia to further increase global oil production. OPEC members are instead said to be pushing for a compromise to boost output between 300,000 and 600,000 barrels each day. By the end of the week, the outcome of the meeting will become public and the global oil market will certainly be in for a change.