As expected, it has proved more difficult to....>

OIL: As expected, it has proved more difficult to gain consensus on cuts to oil

production at the OPEC+ meeting than it was at the OPEC conference yesterday.

- The meeting in Vienna has been delayed to allow senior OPEC members to have

side talks with the Russian delegation. 

- Russia is likely to offer opposition to the OPEC stance agreed yesterday to

cut production by an additional 1.5mn/bbd from the start of April until the end

of the year. 

- Saudi Arabia and other MENA/SSA OPEC members have higher breakeven prices than

Russia.

- The fact Russia are in attendance shows they are likely to agree to some level

of cut to production. Moscow wants to remain part of OPEC+ bloc, and so could

get on board with cuts to secure good relations with other members. 

- Journalists barred from entering conference, with COVID-19 concerns stated as

the reason. Instead a webinar will be used for the press conference.