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Russian energy giant Rosneft believes that a 10 million barrels per day (bpd) OPEC+ oil output cut will be sufficient to rebalance the oil markets, Reuters reported on Wednesday, citing Renaissance Capital’s (RenCap) phone conversation late on Wednesday.

“Rosneft expects oil output to decline in many non-OPEC countries,” RenCap added. “Rosneft expects trough in oil demand will be in April and believes global oil demand will start to recover from May.”

Market reaction

Crude oil prices remain relatively calm on Thursday ahead of the virtual OPEC+ emergency meeting. As of writing, the WTI was up 2.15% on the day at $26.15.