The Orgsation of Petroleum Exporting Countries (OPEC) and Russia reached a tentative agreement on Thursday to cut oil production by 10 million barrels a day for May and June, reported CNN citing a senior OPEC source.
According to CNN report, the deal would see output cut easing to 8 million barrels a day from July to December followed by 6 million barrels a day from January 2021 to April 2022.
Iran, Libya and Venezuela would be exempted from the output cuts due to sanctions or lost production.
Meanwhile, US President Donald Trump said the oil deal involving OPEC and many countries outside it may be announced today or tomorrow.
"They are getting close to a deal. That's OPEC and many other countries outside of OPEC. They will probably announce something either today or tomorrow," Trump was quoted as saying at the White House briefing on Thursday by Sputnik.
"One way or the other. Could be good, could be not so good."
OPEC, Russia and other oil producers gathered for a teleconference on Thursday. The meeting was called by Saudi Arabia.
( With inputs from ANI )