The chief executive of Vitol said the oil market may see supply and demand rebalance if both Russia and OPEC deliver a meaningful production cut.
Ian Taylor made the comments after OPEC said last month it would limit the output to bring oil supply more quickly into balance with demand.
Taylor currently heads the the world’s largest trader of crude oil.
He said the prices would get a boost from a one million barrels per day cut, but he was unsure how OPEC members could agree on who should cut and by how much.
Since the beginning of the year, the oil price has risen by around 45%.
He said it would “for sure” start having an impact but said it could bring the market back into balance by next year.