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OPEC closed-door meeting now underway in........>

OIL
OIL: OPEC closed-door meeting now underway in Vienna.
- Two main topics to be addressed: how should the bloc respond to
COVID-19-related decline in demand (i.e. how much should production be cut), and
how to bring Russia on board with this.
- Russian gov't has proved resistant to further supply cuts. Aided by the low
breakeven price for its production it is resisting Saudi pressure to cut 1mn/bbd
(or more) in order to support prices. 
- Saudi faces a fiscal breakeven of USD83.6/barrel according to the IMF, whereas
Russia can cope with levels below USD50/barrel. 
- Today's meeting does not include Russia or other non-OPEC members that are
part of OPEC+. Their representatives will be included in tomorrow's meeting. 

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