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The output cuts by the OPEC and non-OPEC producers (OPEC+) on Thursday would depend on how much the US, Canada, Brazil and others will propose, Reuters reports, citing an OPEC source with knowledge of the discussion.

Additional quotes

Baseline level for oil output cuts yet to be agreed.

This is considering production of some members jumped in April vs Q1.

Last week, some of the sources said that the OPEC+ is likely to cut the output by 10 million barrel per day (bpd) while US President Donald Trump said that Saudi Arabia and Russia could reach a deal to cut the production by 10-15 million bpd.

  • Russia will participate in the OPEC+ meeting on April 9 – Interfax
  • Oil: Low prices and limited storage – ANZ