After a fractious morning of bilateral talks,...>

OIL: After a fractious morning of bilateral talks, the OPEC+ meeting is on the

verge of collapse according to multiple outlets. 

- OPEC agreed yesterday to a 1.5mn/bbd cut to production until end-2020 in an

effort to boost prices back towards the breakeven levels of MENA/SSA states.

- However, Russia, which has a lower breakeven cost for a barrel of crude than

OPEC members, has refused to sanction the additional cuts and is potentially

reluctant to agree to a rollover of the existing cuts.

- Initially seen that Russia would be keen to keep a good relationship with OPEC

states, in an effort to retain its OPEC+ position, but this appears to be

waning. 

- Crashing oil prices puts OPEC members in Middle East on the back foot

economically, just at the time Russia is seeking to expand its influence in the

region.