They said a deal must include producers from outside Opec+, an alliance which includes Opec members, Russian Federation and other producers, but excludes oil nations such as the United States, Canada, Norway and Brazil.
"The threat remains", Putin said. Producers need more time for negotiations, said another. But he jeopardized the potential for a deal when he accused Saudi Arabia of launching the price war to hurt us shale producers, in an apparent attempt to drive a wedge between Riyadh and Washington.
The American Petroleum Institute (API), which represents the United States oil and gas industry, had asked Trump for regulatory relief to ensure steady supplies during the pandemic.
The countries did not confirm the plan, but said they were willing to discuss ways to stabilize the market with other major world oil producers.
The administration may offer ways to help the industry weather the crisis, including waiving royalty payments from drillers for oil produced on federal lands, imposing an import tariff on foreign crude oil, and easing shipping regulations, according to sources familiar with the matter.
OPEC sources have said they wanted to see USA production cut in order to curb their own output. Some US officials have suggested US production was set for a steep decline anyway because of low prices.
The country's President Vladimir Putin, who said that a reduction in global oil production of about 10 million barrels a days is possible and the nation is ready to participate in this "on a partnership" basis, won't agree for Russian Federation to take more than one-tenth of the global cuts, according to one of the people, who spoke on condition of anonymity because the matter isn't yet public.
Kuwait's oil minister Khaled al-Fadhel said on Friday he supported Saudi Arabia's invitation for a meeting between OPEC and non-OPEC oil producers.
A 10 million-barrel reduction "may be a good start", Birol said in an interview on Friday.
However, a 10-15 million barrels production cut could at least ease pressure on storage facilities experiencing difficulty as supply exceeds demand.
Prices have dropped to about 34 dollars a barrel, down from about 65 dollars a barrel at the end of 2019.
The efforts aimed at propping up oil prices marks a remarkable about-face for Trump, who has never shied away from hitting out at Moscow and Riyadh for keeping prices artificially high through coordinated production cuts.
Lawmakers also approved a bill allowing the government to introduce a state of emergency across the country. Nevertheless, "in the second quarter we may well see a stock build of over 15 million barrels a day".