Saudi Arabia is ready to cut up to 4 million barrels per day of its production from its record output levels of 12.3 million bpd in April, Reuters reported, citing a source.
In an interview with CNBC, US Energy Secretary Dan Brouillette said that he is optimistic about Saudi Arabia and Russia possibly reaching an agreement on oil to stabilise the market.
Later in the day, OPEC+ members are holding a meeting in the form of a video conference to discuss a new agreement to reduce oil production with the possible participation of other key oil-producing countries in order to bring balance to the market which has been in turmoil amid the coronavirus pandemic.
A Sputnik source, familiar with the matter, said earlier that the final OPEC+ decision would depend on the results of subsequent G20 energy ministers' discussions.
Oil prices have hit historical lows in recent weeks amid disruptions caused by the coronavirus pandemic to international air traffic, industrial production and businesses. The failure of OPEC+ members in early March to agree on production cuts sent the oil market into an even deeper crisis.