We will use the SPR to store as much oil as possible," US Energy Secretary Dan Brouillette said at a G20 energy summit. "This will take surplus oil off the market at a time when commercial storage is filling up and the market is oversupplied."

Adjust downwards their overall crude oil production by 10.0 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. For the subsequent period of 6 months, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 8.0 mb/d. It will be followed by a 6.0 mb/d adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022.

Under the proposed deal, the 10 million b/d OPEC+ cuts would cover the months of May and June, and then be rolled back to 8 million b/d for the rest of 2020, and then down to 6 million b/d for all of 2021 through April 22,

The United States has become the world’s largest producer but Trump’s administration has shown no appetite to mandate cuts.

Saudi Arabia and Russia, the two OPEC+ leaders, have insisted that they will only participate if the US also agrees to production cuts.

Saudi Arabia raised its crude output to 12.3 million bpd on April 1 and said it planned to export to more than 10 million bpd starting from April.

"Russia was not a supporter of ending the OPEC+ deal. President Putin and the Russian side are overall inclined towards a constructive negotiation process, there is no alternative for stabilizing the international energy market,"

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day

"It's impossible to take measures to reduce OPEC+ production by 20 million b/d, this is probably half of all countries' total production," Novak said

Russian energy minister Alexander Novak said a coordinated OPEC+ production cut would not be enough to compensate for the fall in demand caused by the coronavirus pandemic, which he said could reach 20 million b/d.