April 9, 2020 / 10:11 AM / 2 months ago

Rosneft believes OPEC+ output cut of 10 mln bpd would rebalance markets - RenCap

MOSCOW, April 9 (Reuters) - Rosneft believes a cut in oil production of 10 million barrels per day (bpd) by OPEC+ would be sufficient to rebalance oil markets, Renaissance Capital (RenCap) said late on Wednesday following a call with the Russian energy giant.

Rosneft did not immediately respond to a Reuters request for a comment.

RenCap also said Rosneft believes the drop in global oil demand is likely to bottom out in April and start to recover from May. Overall, the Russian company expects oil demand in 2020 to be 5 million to 7 million bpd lower than last year.

RenCap added that Rosneft may reduce its annual capital expenditure to below 700 billion roubles ($9.3 billion) from its latest estimate of 850 billion to 1 trillion roubles to support free cash flow generation. ($1 = 75.5926 roubles) (Reporting by Anastasia Lyrchikova and Vladimir Soldatkin; Editing by Katya Golubkova and David Clarke)

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