Agreeing on oil quotas isn’t the only problem vexing the OPEC+ group. COVID-19 has amplified the economic disparity between poor and wealthy members of the producer alliance, adding to the challenge of finding a consensus to suit all their fiscal oil price breakevens. Rich producers, such as Saudi Arabia and the UAE, still need oil prices around $80/b to balance their budgets and own large foreign exchange reserves or sovereign wealth funds to absorb economic shocks. Weaker members including Iraq, Nigeria and Iran have fewer economic buffers and are more vulnerable to low prices. Meanwhile, Russia, the main non-OPEC partner in the coalition, can better absorb oil shocks than […]