OPEC members and other oil-exporting nations including Russia held talks on Friday to try to put an end to the crude price war which began last month after exporters failed to reach an agreement on production cuts amid the global COVID-19-related economic downturn.

Russia would find it appropriate if all major producers were to join the OPEC+ effort to try to stabilize the global oil markets, since doing so would be in the interests of all producers and consumers, Energy Minister Alexander Novak has said.

"Immediate and timely measures are needed, and we need to join forces with all oil-producing countries to alter the situation associated with the significant overproduction of oil in the world," the minister said, speaking at Thursday's virtual meeting of representatives of oil producing countries.

The minister also welcomed the participation of representatives from Canada, Norway, Argentina, Trinidad and Tobago, Egypt, Colombia, Indonesia, Chad, Ecuador, and other non-OPEC+ members in Thursday's videocall, and said Russia would consider it appropriate to include them in any deal on output cuts.

"We consider it appropriate to increase the number of countries which can take part in a joint effort to stabilize the situation in the world. And we again welcome here today the participation of our colleagues who have not previously participated in the OPEC+ agreement," Novak said.

Russia's energy ministry estimates that supply exceeds demand by 10-15 million barrels per day, and that these figures may grow given the continued economic downturn in the wake of the coronavirus pandemic.

"We are alarmed by the growth of commercial oil reserves and the possibility of completely filling up oil storage facilities. This may lead to serious consequences for the oil industry and the world economy as a whole," Novak said.

"You are all aware that Russian President Vladimir Putin has voiced Russia's position on the need to ensure long-term stability of the oil market and the formation of an effective balance in supply and demand in the interests of both producers and consumers," the minister said.

Crude Surges Amid Reports of Possible Deal

Oil prices jumped Thursday ahead of the OPEC+ videocall, with Brent and WTI jumping 8.5-10 percent.

Ahead of the call, sources told Reuters that participants were considering cutting output by as much as 20 million barrels daily. Other sources suggested that major producers Russia and Saudi Arabia had managed to overcome their differences and agreed to a deal, whose details have yet to be worked out.

Washington has so far refused to take part in the OPEC+ production cuts, while the Wall Street Journal reported Wednesday that President Trump is considering tariffs to try to to "force" Russia and Saudi Arabia to cut output, and even mulling sanctions against the Russian energy sector.

Oil prices collapsed to their lowest levels since the late 1990s last month after OPEC+ failed to reach an agreement on production cuts amid the ongoing COVID-19 pandemic. The drop in prices has already led to the bankruptcy of at least one major US shale producer, while Russia and Saudi Arabia have been left dipping into their sovereign wealth funds to ride out the crisis.

OPEC+ countries had chosen to cut oil production by 22 percent, or 10 million barrels per day, in the months of May through June, followed by a consecutive volume reduction.

"The meeting is still in progress [...] But now the deal looks like this [...] OPEC+ will cut production by 10 million barrels per day in May-June. In July-December; by 8 million barrels per day, then, by 6 million from January 2021 to April [...] Iran, Libya and Venezuela are excluded," the source said.

The source noted that countries would reduce oil production by 22 percent, while for Russia and Saudi Arabia, the basic level from which the reduction would be measured was 11.3 million barrels per day. In this scenario, Russia and Saudi Arabia will be required to produce no more than 8.8 million barrels per day in May-June 2020.

According to the source, a scenario in which the production is cut by 11 million barrels per day by all member states is currently not being discussed. Other non-OPEC producers will reduce their production by 5 million barrels per day, the source added.

Earlier in the day, energy ministers from the OPEC group of oil-exporting countries, Russia, and other oil producers, began a video conference to discuss ways to shore up oil prices amid a global production glut and a coronavirus-driven decline in demand.

Russian Energy Minister Alexander Novak said at the meeting that all oil producers must work together to address the growing overproduction as the pandemic continues to weigh on the global economy. Saudi Arabia compounded the crisis by flooding the market with cheap oil after the OPEC+ deal on output cuts collapsed last month.