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OPEC+ is expected to cut the oil output cut by more than one million barrels per day (bpd), Vice President of Russian oil producer Lukoil, Leonid Fedun, said on Monday.

“Coronavirus outbreak hit the oil demand, but it is short term,” Fedun argued, per Reuters, and added that he expects Russia to cut its oil output by around 200,000-300,000 bpd.

Crude oil rebound

The barrel of West Texas Intermediate (WTI) is holding on to decisive daily gains. As of writing, the WTI was up 3.8% on the day at $47.05.